Financial Results for Fiscal Period Ended December 31, 2022 (Infrastructure Fund)I nf ra st ruct ur e Fun d I ssue r

Canadian Solar Infrastructure Fund, Inc.

S e c u r i t i e s C o d e
R e p r e s e n t a t i v e9284(Title)Asset Management Company

Canadian Solar Asset Management K.K.
CEO and Representative(Title)(Name)
Director
Financial Planning
Department(Title)(Name)
CFO
Tel.
03(6279)0311

R e p r e s e n t a t i v e
C

o

n

t

a

c

t

Scheduled filing date of securities
reportSupplementary materials forfinancial results
Financial results briefing session

URL(Name)

Executive Director

February 15, 2023
L i s t e d S t o c k Tokyo StockE x c h a n g e Exchange
https://www.canadiansolarinfra.com/
Hiroshi Yanagisawa

Hiroshi Yanagisawa
Keiichi Yoshida

Scheduled date ofcommencement of cash
distribution payment

March 30, 2023

March 14, 2023

YES
YES (For institutional investors and analysts)(Amounts are rounded down to million yen)
1. Status of Management and Assets for Fiscal Period Ended December 31, 2022 (from July 1, 2022 to December 31, 2022)(1) Management Status(Percentage figures are the rate of period-on-period change)
Operating revenues
Operating income
Ordinary income
Net income
Million yen%
Million yen%
Million yen%
Million yen%
Fiscal period ended
3,715
(8.5)
1,383
(20.6)
1,214(19.5)
1,213(19.5)
Dec. 2022
Fiscal period ended
4,060
13.1
1,743
29.6
1,509
34.4
1,509
34.4
Jun. 2022

yen

%

%

Ordinary profit tooperating revenue ratio
%

3,138

3.0

1.5

32.7

3,902

3.8

1.9

37.2

Profit per unit
Fiscal period ended
Dec. 2022
Fiscal period ended
Jun. 2022

Rate of return on equity

Ordinary profit
to total assets ratio(2) Status of Cash Distributions
Distributions per
Total
Total distributions
Distributions per
unit
Total
distributions(excluding
Distributions inunit (including
distributions in(including(excluding
distributions inexcess of
distributions inexcess of
distributions in
distributions inexcess of
earnings per unit
excess of
earnings
excess ofexcess of
earnings)
earnings)
earnings)
earnings)
Yen
Million yen
Yen
Million yen
Yen
Million yen
Fiscal period
ended Dec. 2022
Fiscal period
ended Jun. 2022

Payout ratio

Ratio ofdistributions to
net assets

%

%

3,138

1,213

612

236

3,750

1,449

100.0

3.0

3,903

1,509

0

0

3,903

1,509

100.0

3.8

(Note 1) The payout ratio is calculated according to the following formula.
Payout ratio = distributions per unit (excluding distributions in excess of earnings) / profit per unit x 100(Note 2) The payout ratio and the ratio of distributions to net assets are calculated based on the numerical data excluding
distributions in excess of earnings.
(Note 3) Total distributions in excess of earnings are all refunds of investments that constitute distributions on the decrease ofcapital contribution under the tax law.
(Note 4) The ratio of the decrease in net assets upon distributions in excess of earnings (refunds of investments that constitutedistributions on decrease of capital contribution under the tax law) is 0.007 for the fiscal period ended December 31,
2022. In this regard, the ratio of the decrease in net assets is calculated according to Item 4, Paragraph 1, Article 23 of
the Ordinance for Enforcement of the Corporation Tax Act.

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(3) Financial Position
Total assets
Million yen

Net assets
Million yen

77,986
79,475

Fiscal period ended
Dec. 2022
Fiscal period ended
Jun. 2022

Equity ratio

Net assets per unit%

yen

39,846

51,.1

103,053

40,142

50.5

103,818(4) Status of Cash Flows

Million yen

Million yen

Million yen

Cash and cash equivalents
at the end of the fiscal
periodMillion yen

2,888

(72)

(2,625)

5,271

2,602

(39)

(2,581)

5,082

Cash flows fromoperating activities
Fiscal period ended
Dec. 2022
Fiscal period ended
Jun. 2022

Cash flows frominvesting activities

Cash flows fromfinancing activities

2. Forecasts of Management Status for Fiscal Period Ending June 30, 2023 (from January 1, 2023 to June 30, 2023), Fiscal PeriodEnding December 31, 2023 (from July 1, 2023 to December 31, 2023) and Fiscal Period Ending June 30, 2024 (from January 1,
2024 to June 30, 2024)(Percentage figures are the rate of period-on-period change)
Operating revenues Operating income

Fiscal period
ending Jun.
2023
Fiscal period
ending Dec.
2023
Fiscal period
ending Jun.
2024

Ordinary income

Distributions perunit (excluding
distributions inexcess of
earnings)

Net income

Distributions inexcess of earnings
per unit

Distributions perunit (including
distributions inexcess of
earnings)

Millionyen%

Millionyen%

Millionyen%

Million
yen

%

yen

yen

yen

3,690

(0.7)

1,352

(2.2)

1,149

(5.4)

1,148

(5.4)

2,969

781

3,750

3,707

0.4

1,370

1.3

1,169

1.8

1,168

1.8

3,022

728

3,750

3,639

(1.8)

1,330

(2.9)

1,136

(2.9)

1,135

(2.9)

2,935

815

3,750

(Reference)
Fiscal period ending June 30, 2023 (181 days): Forecast total number of investment units issued and outstanding at end of
the period: 386,656 units, Forecast profit per unit: 2,969 yen
Fiscal period ending December 31, 2023 (184 days): Forecast total number of investment units issued and outstanding at endof the period: 386,656 units, Forecast profit per unit: 3,022 yen
Fiscal period ending June 30, 2024 (182 days): Forecast total number of investment units issued and outstanding at end of
the period: 386,656 units, Forecast profit per unit: 2,935 yen* Other(1) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective Restatement(i) Changes in accounting policies associated with amendments to accounting standards, etc.: No(ii) Changes in accounting policies other than (i):NoNo(iii) Changes in accounting estimates:No(iv) Retrospective restatement(2) Total number of investment units issued and outstanding(i) Total number of investment units issued and outstanding(including treasury units) at end of period

Fiscal period
Fiscal period
386,656
386,656
Dec. 2022
Jun. 2022
Fiscal period
Fiscal period(ii) Number of treasury units at end of period00Dec. 2022
Jun. 2022(Note) For the number of investment units based on which profit per unit is calculated, please refer to “Notes on regarding
per unit information” on page 29 below.

* Financial Results is out of scope from the audit by chartered accountant or corporate auditor.

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*

Explanation of Appropriate Use of Forecast of Management Status and Other Matters of Special Note
Forecast of management status and other forward-looking statements contained in this document are based on information that iscurrently available and certain assumptions that are deemed reasonable by Canadian Solar Infrastructure Fund. Accordingly, theactual management status, etc. may differ materially due to various factors. In addition, the forecast is not a guarantee of theamount of cash distributions. For details of the assumptions underlying the forecast of management status, please refer to“Assumptions Underlying Forecast of Management Status for Fiscal Period Ending Fiscal Period Ending June 30, 2023 (January
1, 2023 to June 30, 2023) ,Fiscal Period Ending December 31, 2023 (July 1, 2023 to December 31, 2023) and Fiscal Period Ending
June 30, 2024 (January 1, 2024 to June 30, 2024),” described on or after page 11 below.

-3-1. Management Policy and Management Status(1) Management Status
I. Overview of the Fiscal Period under Review
a. Brief History of Canadian Solar Infrastructure Fund
Canadian Solar Infrastructure Fund, Inc. (hereinafter referred to as “CSIF”) was established on May 18, 2017 with money
invested of 150 million yen (1,500 units) by Canadian Solar Asset Management K.K. (hereafter referred to as the “AssetManager”) as the founder under the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951 including
subsequent amendments; hereinafter referred to as the “Investment Trusts Act”). Registration with the Kanto Local Finance
Bureau was completed on June 9, 2017 (registration number 127, filed with the Director of the Kanto Local Finance Bureau).
CSIF issued additional investment units (177,800 units) through a public offering on October 27, 2017, listed its investment
units on Tokyo Stock Exchange Inc.’s (hereinafter referred to as the “Tokyo Stock Exchange”) Infrastructure Fund Market on
October 30, 2017 (security code: 9284), and issued new investment units (2,890 units) through third-party allotment on
November 28, 2017.
In addition, CSIF issued new investment units (46,667 units) through public offering on September 5, 2018 and issued newinvestment units (2,333 units) through third-party allotment on October 4, 2018.
CSIF then issued new investment units (151,500 units) through public offering on March 5, 2021 and issued new investment
units (3,966 units) through third-party allotment on April 7, 2021.
As a result of the above, the total units issued at the end of the fiscal period under review (as of December 31, 2022) were386,656 units.
b. Investment Environment and management performance for the fiscal period under review
Regarding the Japanese economy during the fiscal period under review, the second preliminary estimate of the real GDP in
July-September 2022 was down 0.2% quarter on quarter (or down 0.8% on an annualized basis). This is higher than the firstpreliminary estimate. In July-September 2022, the Japanese economy showed negative growth. However, this is due chiefly toa massive increase in service exports that are seen to be temporary. The Japanese economy is thought to be better than suggestedby the real GDP growth rate, given that consumer spending, capital investment and exports soared. It is estimated that the real
GDP in October-December 2022 will be pushed up by a reactionary fall in service exports and by consumer spending, capital
investment and other factors. It is expected that consumption driven by inbound tourists, which is a component of service exports,
will increase. Meanwhile, the current COVID-19 infection situation is deteriorating. This could slow the turnaround of consumer
spending. Attention must be paid to the growing downward risk regarding export goods for the United States, Europe and China.
The Russian invasion of Ukraine triggered a global price surge in energy resources in 2022. In addition, the yen depreciatedsharply, severely impacting the Japanese economy. Although constraints on energy supply have been continuing, mainly becauseof the prolonged invasion, the economy is currently calm, with a peaking of both the crude oil price and the U.S. dollar-yen
exchange rate.
The U.S. FRB reduced the pace at which it is increasing the federal funds rate target range from 75 basis points to 50 in the
FOMC meeting on December 13-14, 2022. Vigilant about being seen as easing its monetary policy, the Federal Reserve
commented that it was vital to pay attention to the time required for the policy to affect the real economy, hinting that it would
be maintaining a monetary policy for the time being. The Bank of Japan decided to widen the range of yield curve control (YCC)
from the conventional approximate range of negative 0.25% to 0.25% to a range of negative 0.5% to 0.5% in the financial policy
decision meeting on December 19-20, 2022. Effectively, that was an interest rate increase. In contrast with the interest rate hikes
in different countries, Japan had retained its low interest rate. This move corrected the fast depreciation of the Japanese currency
to the U.S. dollar, that started in the middle of the year. Japan adopted a policy that was to some extent in line with other countries.
However, the Bank of Japan set out a policy of delaying any further tightening in its policy meeting on January 17-18, 2023.
Meanwhile, during the fiscal period under review, conditions in the Infrastructure Fund Market were such that investment
corporations maintained relatively stable business operations even in the economic environment described above. The TSE
Infrastructure Fund Index remained stable in the second half of 2022, as in the first half. On July 7, it hit the lowest level during
the period at 1,124.74. After that, it soared to reach the high of 1,203.77 on October 31. It ended the fiscal period at 1,159.63 on
December 29. It fluctuated within a relatively narrow range during the period.
“Output curtailment,” which is implemented by an electricity transmission and distribution business operator (Note 1) to adjust
the supply-demand balance, was implemented in the Kyushu Electric Power jurisdiction with respect to “renewable energy power
generation facilities” (Note 2) held by CSIF, for one day in September, three days in October, two days in November, and one
day in December, totaling 7 days during the period under review. This was much less frequent than in the same period of theprevious year. This result is consistent with the fact that the annual curtailment rate for fiscal 2022 was estimated to decrease
compared to the previous year at the beginning of the fiscal year, partly because of the effect of the shift to the online curtailment
control system in the Kyushu Electric Power jurisdiction. Some output curtailments were introduced in the areas served by
Tohoku Electric Power, Chugoku Electric Power and Shikoku Electric Power in April 2022, followed by their introduction in
the area served by Hokkaido Electric Power in May 2022.
While these developments need to be monitored in the future, one day curtailment in the Chugoku Electric Power jurisdiction
was implemented during the fiscal period under review.
On October 22, 2021, the Cabinet approved the 6th Strategic Energy Plan. The 6th Strategic Energy Plan focuses on indicating-4-the direction of energy policies for the achievement of carbon neutrality by 2050 (goal declared in October 2020) along with the
new target of reducing greenhouse gas emissions 46% by FY2030 and trying to push the reduction as high as 50% (targets
declared in April 2021) (Note 3). It mentions overcoming issues in Japan’s energy supply-and-demand structure (Note 3) is also
an important theme. In connection with the second theme, it adds that Japan will strive to increase energy security and theefficiency of energy cost while promoting climate change countermeasures (S+3E) (Note 3).
The ambitious new power-source composition for 2030 would be 36-38% for renewable energy (up from 22-24% in theprevious projected mix), approximately 1% for hydrogen and ammonia (up from nearly 0%), 20-22% for nuclear power(unchanged), around 20% for LNG (down from 27%), around 19% for coal (down from 26%) and approximately 2% for oil(down from 3%). The renewable energy mix would be around 14-16% for solar power, around 5% for wind power, approximately
1% for geothermal power, nearly 11% for hydroelectric power and around 5% for biomass (Note 3).
In April 2022, the 2020 revision of the Act on Special Measures Concerning Promotion of Utilization of Electricity from
Renewable Energy Sources came into force to introduce a system for reserving funds for the future discarding and other disposalof solar power generation facilities (Note 4). First, this system is applicable for all solar power generation projects with an output
of 10 kW or more approved for a feed-in tariff (FIT) or feed-in premium (FIP) scheme, including projects with multiple solar
power generation facilities. Second, this system obliges the approved operators to, in principle, externally reserve funds for
disposal at the Organization for Cross-regional Coordination of Transmission Operators, Japan through direct withholding of therequired amounts from revenue. However, in exceptional cases, internal reserve will be permitted provided certain requirements
are satisfied, and listed infrastructure funds will also be permitted to opt for internal reserve upon satisfying certain conditions
such as recording funds in their financial statements in an appropriate manner.
Regarding generation-side charges, the 6th Strategic Energy Plan states that the government will continue its consideration ofsmooth introduction of the generation-side charge program, including whether or not it is necessary to do so, under the policy ofprioritizing renewable energy on the basis of S+3E. After determining that it would be difficult to make an early decision forvarious reasons, the Subcommittee on Mass Introduction of Renewable Energy and Next-Generation Electricity Networks met
on December 24, 2021 and announced that, regarding the collection of funds for power transmission and distribution, including
generation-side charges, it will be discussed by the relevant councils to reach a conclusion within 2022 with a view towards
achieving it as soon as possible, envisioning its realization in FY2024. At a meeting of the same subcommittee on December 6,
2022, members discussed the treatment of FIT and FIP power sources for the implementation of generation-side charges and theintroduction of renewable energy sources. In addition, they discussed what generation-side charges should be like for pumped
storage hydropower and storage batteries in view of their peculiarities. As a result, they published a policy for the smooth
introduction of generation-side charges. The policy includes the application of generation-side charges for power sources thathave already gained FIT or FIP approval after the termination of the term of their FIT or FIP agreement, the calculation of thepurchase prices to be considered for new FIT- or FIP-approved sources, and encouraging operators of non-FIT sources and thosewhich have ceased to be under the FIT scheme to take some measures such as bilateral contracts and to smoothly and completely
incorporate generation-side charges into selling prices. For pumped storage power generation and storage batteries, they
concluded that charges based on kilowatts alone be levied and those based on kilowatt-hours be exempted, given that financial
burdens would be heavier than those on other power sources.
Under such conditions, during the fiscal period under review, CSIF did not acquire any new assets nor sell any of the assets it
owns but it continued to be the largest operator among listed infrastructure funds as of the end of the fiscal period under review,holding a portfolio consisting of 25 facilities (with a total panel output (Note 5) of 183.9 MW, a total acquisition price (Note 6)of ¥80,000 million, and a total price (Note 7) of ¥75,510 million as of the end of the fiscal period under review.
(Note 1) For the purposes of this report, the term “electricity transmission and distribution business operator” collectively refers to a generalelectricity transmission and distribution business operator (refers to a “general electricity transmission and distribution business operator”
defined in Article 2, Paragraph 1, Item 9 of the Electricity Business Act (Act No. 170 of 1964; including subsequent amendments; hereinafterreferred to as the “Electricity Business Act”) and specified electricity transmission and distribution business operator (refers to “specified
electricity transmission and distribution business operator” defined in Article 2, Paragraph 1, Item 13 of the Electricity Business Act).
(Note 2) For the purposes of this report, the term “renewable energy power generation facilities” refers to renewable energy power generation
facilities (excludes facilities which fall into the category of real estate) defined in Article 2, Paragraph 2 of the Act on Special Measures
Concerning Promotion of Utilization of Electricity from Renewable Energy Sources (Act No. 108 of 2011, including subsequent
amendments; hereinafter referred to as the Renewable Energy Special Measures Act). The Renewable Energy Special Measures Act before
amendment based on the Act for Partial Amendment of the Act on Special Measures Concerning Procurement of Electricity from Renewable
Energy Sources by Electricity Utilities (2016 Act No. 59) is referred to as the “2016 Renewable Energy Special Measures Act” and theRenewable Energy Special Measures Act after amendment based on the Act to Partially Amend the Electricity Business Act and Other Acts
in Order to Establish a Resilient and Sustainable Electricity Supply System (Act No. 49 of 2020) is referred to as the “2020 Renewable
Energy Special Measures Act.”). For the purposes of this report, “renewable energy generation facilities, etc.” refers collectively torenewable energy generation facilities, and real estate, real estate leases (includes subleases) and land lease rights (hereinafter referred to as
the “site, etc.”) necessary to install maintain and operate renewable, energy generation facilities. Hereinafter, any mention of “renewableenergy power generation facilities” or “renewable energy power generation facilities, etc.” which CSIF is said to have invested in or acquired
or operate shall also cover “renewable energy power generation facilities” and “renewable energy power generation facilities, etc.” that
support CSIF’s assets under management. The same shall apply hereunder. Renewable energy may also hereinafter sometimes be referred toas “renewables.”(Note 3) All the above information is based on the “Outline of the Basic Energy Plan” published by the Agency for Natural Resources and Energy in
October 2021.

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(Note 4) The term “photovoltaic power generation facilities” refers to renewable energy power generation facilities that generate electricity using
sunlight as an energy source. The same shall apply hereunder. The term “photovoltaic power generation facilities” refers to photovoltaic
power generation facilities as well as their site, etc. The same shall apply hereunder.
(Note 5) “Panel output” shall mean output calculated by multiplying rated output per solar cell module (meaning the maximum output stated in
specifications of solar cell module) used in each solar energy facility by the total number of panels. “Total panel output” shall mean the total
panel output rounded off to one decimal place. The same shall apply hereunder.
(Note 6)The term “acquisition price” represents transaction price (excluding remuneration for business outsourcing concerning the acquisition ofassets and other acquisition costs, property taxes, city planning taxes, amount equivalent to consumption taxes, etc. and other commissions,etc.; the same shall apply hereunder) specified in the sales agreement for each asset held. The term “total acquisition price” is total of thetransaction prices specified in the sales agreements for all the assets held rounded down to the nearest ten million yen. The same shall apply
hereunder.
(Note 7) The term “price” refers to the price calculated based on appraised value as of the end of the fiscal period under review. The price of therenewable energy power generation facilities at power plants from S-01 through S-18 is the total intermediate value calculated by CSIF
pursuant to paragraph 1, Article 41 of its Articles of Incorporation, using the appraised value as of December 31, 2022 in the range stated in
the valuation report obtained from PricewaterhouseCoopers Sustainability LLC. The appraised value of renewable energy power generation
facilities at power plants from S-19 through S-25 is the total appraised value as of December 31, 2022, stated as the median in the valuation
report obtained from Kroll K.K., rounded down to the nearest ten million yen.

c. Overview of Financing
In the fiscal period under review, CSIF has not raisen any additional funds, including the issuance of new investment units,
borrowing of funds, and issuance of investment corporation bonds. However, during the fiscal period under review, CSIF madea contractual repayment of ¥1,116 million at the end of the fiscal period under review, bringing the total amount of interestbearing debt as of the end of the fiscal period under review to ¥37,688 million (amount of borrowings ¥32,788 million andamount of investment corporation bonds ¥4,900 million). Consequently, the ratio of interest- bearing debt to total assets (ratio ofinterest-bearing debt to total assets at the end of fiscal period) was 48.3%.
As of the date of this document, CSIF received a bond rating for investment corporation bonds from the following rating
agency.
Rating status of CSIF as of the date of this document
Rating Agency

Japan Credit Rating Agency,
Ltd. (JCR)

Rating Subject

RatingRating Outlook

The 1st Unsecured Investment Corporation Bond
(Specified investment corporation bonds with limited
inter-bond pari passu clause and for qualified institutional
investors only)A－

The 1st Unsecured Investment Corporation Bond
(Specified investment corporation bonds with limited
inter-bond pari passu clause)(Green bonds)

A－

RatingRating Outlook

A-

StableA

StableCSIF received a credit rating from the following rating agency.
Rating status of CSIF as of the date of this document
Rating Agency
Rating and Investment
Information, Inc. (R&I)
Japan Credit Rating Agency,
Ltd. (JCR)

Rating Subject

Long-term Issuer Ratingd. Overview of Business Performance and Distribution
As a result of the management described above, the business results in the fiscal period under review included operating
revenue of ¥3,715 million, operating income of ¥1,383, ordinary income of ¥1,214, and net income of ¥1,213 million.
With respect to distributions, the cash distribution policy set out in Article 47, Paragraph 1 of the Articles of Incorporation of
the Investment Corporation stipulates that the amount of distributions shall exceed the amount equivalent to 90% of “profit
available for distribution” as provided for in Article 67-15 of the Act on Special Measures Concerning Taxation (Act No. 26 of1957 including subsequent amendments, hereinafter the “Special Measures Taxation Act”).
In addition, distributions in excess of earnings are calculated on the premise that such distributions will generally be made inaccordance with the cash distribution policy prescribed in CSIF’s Articles of Incorporation and the Asset Manager’s asset
management guidelines formulated as part of its internal regulations.
CSIF intends to make cash distributions to its unitholders for each fiscal period from free cash flow (hereinafter referred to as“FCF”) generated by its renewable energy power generation facilities, in amounts determined in the following manner. The-6-amount available for distribution shall be calculated by multiplying FCF, that is net cash flow (hereinafter referred to as “NCF”;
CSIF shall incorporate the total amount of NCF remaining after deducting distributions for the preceding fiscal periods incalculating NCF) to be vested to equity investors after deducting FCF payable to debt investors, by a certain ratio (hereinafterreferred to as “payout ratio”; the payout ratio for the 11th fiscal period is 77.1%) determined by CSIF in light of the amount of
NCF for each fiscal period.
At the same time, CSIF intends to maintain a stable level of distributions for the time being. In determining the payout ratio
described above, CSIF will consider the forecast NCF for each fiscal period to realize that level of distributions.
In addition to a cash distribution within the range of profit, CSIF intends to make distributions in excess of earnings for eachfiscal period on a continuous basis in order to realize this policy.
In developing its performance forecast (including any revisions thereof) for each fiscal period, in the case where NCF
calculated from actual energy output in a fiscal period (hereinafter referred to as “actual NCF”; CSIF shall incorporate the total
amount of NCF remaining after deducting distributions for the preceding fiscal periods in calculating actual NCF) exceeds NCF
projected for the fiscal period (hereinafter referred to as “projected NCF”; CSIF shall incorporate the total amount of NCF
remaining after deducting distributions for the preceding fiscal periods in calculating projected NCF) on the basis of an energy
output value projected by professional specialists (P50) (Note) which forms the foundation for the calculation of rents with regard
to the renewable energy power generation facilities, CSIF intends to limit the cash distribution to the amount of projected NCF
multiplied by the payout ratio for said fiscal period.
On the other hand, in the case where actual NCF is equal to or below projected NCF, CSIF intends to make a cash distribution
for the fiscal period at the amount of actual NCF multiplied by the payout ratio.
Based on the above policy, CSIF decided to make a distribution for the fiscal period under review of ¥1,449,960,000,
equivalent to 77.1% of projected NCF for the period of ¥1,880,540,436. Dividend per investment unit is ¥3,750 for the fiscal
period under review.
(Note) For a definition of “energy output value projected by professional specialists (P50)” in the context of this report, please refer to “Assumptions
Underlying Forecast of Management Status for Fiscal Period Ending June 30, 2023 (January 1, 2023 to June 30, 2023), Fiscal Period Ending
December 31, 2023 (July 1, 2023 to December 31, 2023), and Fiscal Period Ending June 30, 2024 (January 1, 2024 to June 30, 2024).

II. Outlook for the Next Fiscal Perioda. Outlook for the Future Management
Considering the economic outlook in Japan during the first half of 2023, although the number of COVID-19 infections andthe number of deaths continue to be at a certain level, policies for the endemic COVID-19 era, whose goal is the revitalizationof economic activity while tolerating a certain level of infection, are widespread. Japan is now seeing economic activity rally,
mainly in service consumption. Meanwhile, both the global surge in prices for energy resources caused by Russia’s invasion of
Ukraine and the worldwide increase of interest rates are currently calming down. Since they are both thought to significantly
impact the Japanese economy, it is necessary to continue monitoring them.
With respect to the environment surrounding photovoltaic power generation facilities that are included in renewable energy
power generation facilities, the 6th Basic Energy Plan states that a crucial part of energy policies for 2030 (Note 1) is to ensure,with “S+3E” as the basic premise, that renewables become a major power source and to focus on renewables as an overriding
principle, encouraging maximum adoption whilst reducing the impact on Japanese people and seeking co-existence with local
communities (Note 1), and the 2030 energy mix also indicates an increase in the share of renewables, setting ambitious forecasts.
However, as stated in “(I. Process of Asset Management in the Fiscal Period under Review) b. Investment Environment andManagement Performance for the Fiscal Period Under Review” above, the output curtailment that requires renewable energy
power generation operators to temporarily suspend power generation through photovoltaic power generation facilities, etc. wasresumed in areas under the jurisdiction of Kyushu Electric Power from October 2019. In addition, some output curtailments wereintroduced in the Tohoku Electric Power, Chugoku Electric Power and Shikoku Electric Power jurisdictions in April 2022 andin the Hokkaido Electric Power jurisdiction in May 2022. It was also announced that 10-500 kW commercial solar photovoltaic
systems connected to the grid under the old rule (Note 2), which were previously not subject to output curtailment, will also
become subject to output curtailment. Furthermore, at a meeting of the Subcommittee on Mass Introduction of Renewable Energy
and Next-Generation Electricity Networks held on December 24, 2021, the idea that lowering the minimum output of thermal
power generation facilities would be an effective way to reduce the output curtailment of renewables was put forward. Further
consideration of this idea could potentially lead to solar power generation facilities that are currently subject to output curtailment
being less affected in the future.
As mentioned in b. Investment Environment and management performance for the fiscal period under review in I. Overview
of the Fiscal Period under Review above, discussions are underway regarding the exemption of FIT- or FIP- approved powersources from generation-side charges during their FIT or FIP term. This means that it would no longer be necessary to take into
account the negative impact, which was expected to be imposed on CSIF’s management on performance in and after 2024.
As stated in “(I. Process of Asset Management in the Fiscal Period under Review) b. Investment Environment andManagement Performance for the Fiscal Period Under Review” above, the 2020 Amendment to the Renewable Energy Special
Measures Act was enacted in April 2022. Under this act, various measures such as the FIP system, system for nullifying
approvals and reserve of decommissioning costs for solar power generation facilities were introduced.
(Note 1) All the above information is based on the “Outline of the Basic Energy Plan” published by the Agency for Natural Resources and Energy in
October 2021.

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(Note 2) Even when a grid-connected business operator has implemented the preventive measures defined in the Ordinance for Enforcement of the
Act on Special Measures Concerning the Promotion of the Use of Renewable Energy Electricity (METI Ordinance No. 46 of 2012,
including subsequent amendments), if the amount of electricity supplied by grid-connected business operators is expected to exceed
demand, output curtailment without compensation under the connection agreement may be required. The rule setting the maximum numberof days of such output curtailment at 30 days a year (360 hours a year in some cases) is referred to as the “30-day rule” (the rule when the
maximum duration is 360 hours a year is referred to as the “360-hour rule”) and the 30-day rule and the 360-hour rule are referred tocollectively as the “old rule.” The same shall apply hereunder.

b. Future Management Policy(i) External Growth Strategy
The Canadian Solar Group (Note 1), which is the Sponsor belongs, adopts the vertical integration model (Note 2) that hasdeveloped mainly in the photovoltaic power generation market in Europe and America and applies this model in the global
market, including Japan. CSIF considers that mutual cooperation between the Group and CSIF (engaging in investment in andmanagement of photovoltaic power generation facilities) through the Sponsor Group (Note 4) based on the vertical integration
model for the construction of the value chain (Note 5) with the aim of creating mutual value should lead to the enhancement ofvalue for unitholders.
Specifically, CSIF intends to acquire promising solar power generation facilities developed by the Sponsor Group to
increase assets utilizing the preferential trading negotiation right granted by the Sponsor Group.
In February 2021, Canadian Solar Group partnered with Macquarie Advisory & Capital Solutions (hereinafter referred to as“Macquarie”), the advisory and capital markets arm of the Macquarie Group (ASX:MQG) to establish Japan GreenInfrastructure Fund (hereinafter referred to as the “Fund”), which will invest in renewable energy power generation facilities,
etc., in Japan. Working with Canadian Solar Inc. and Macquarie, the Fund has secured ¥22 billion of committed capital todevelop, build and accumulate new renewable energy power generation facilities, etc. in Japan, and it aims to catalyze largescale investments within its six-year fund term. The Fund will indirectly invest in renewable energy power generation facilities,
etc. by holding a silent partnership equity interest (hereinafter referred to as the “Silent Partnership Equity Interest”) in SPCs of
the Sponsor Group. The renewable energy power generation facilities, etc. targeted for investment will include not only
renewable energy power generation facilities, etc. developed by the Sponsor but also renewable energy power generation
facilities, etc. in the seed stage that have been partway developed by a third party and that the Sponsor is expected to complete.
In this way, the Fund will support the development of renewable energy power generation facilities, etc. not only in terms ofimproving the efficiency of development of renewable energy power generation facilities, etc. by the Sponsor (accelerating
development via financial contributions from the Fund) but also in terms of identifying third party seed projects. These
renewable energy power generation facilities, etc. will be subject to the preferential trading negotiation right granted to CSIF
and the Asset Manager by the Sponsor in accordance with the Sponsor Support Agreement executed between CSIF, the AssetManager and the Sponsor. In addition to said preferential trading negotiation right granted under the Sponsor Support
Agreement, CSIF and the Asset Manager have also acquired a preferential trading negotiation right in relation to the Silent
Partnership Equity Interest held by the Fund in accordance with an Agreement Concerning Granting of Preferential Negotiation
Right executed on March 30, 2021 between CSIF, the Asset Manager and Green Infrastructure Fund Pte. Ltd., which is theGeneral Partner of the Fund. CSIF believes that establishment of the Fund will accelerate the development of projects by theSponsor, thereby enhancing the pipeline(Note 6) and opening up further opportunities for CSIF.
Further, CSIF will strive to diversify acquisition routes, including acquiring assets from third parties through the AssetManager’s own network, whilst at the same time putting emphasis on acquisitions from the Sponsor. Moreover, CSIF will aim
for further external growth through the use of diverse acquisition methods including acquiring assets via the Fund and thebridge fund in addition to direct acquisitions from sellers.
(Note 1) The “Canadian Solar Group” refers to the consolidated corporate group with Canadian Solar Inc. (headquartered in Canada) at the top towhich the Sponsor (Canadian Solar Projects K.K.) belongs. The same shall apply hereunder.
(Note 2) The term “vertically integrated model” means a business model where a broad spectrum of business domains across the photovoltaic market,
ranging from the planning, manufacture and sales of solar modules to the provision of EPC and O&M (Note 3) services, are verticallyintegrated. The same shall apply hereunder.
(Note 3) “O&M” is an abbreviation of Operation & Maintenance. The same shall apply hereunder.
(Note 4) The “Sponsor Group” collectively refers to (i) the Sponsor (Canadian Solar Projects K.K.), (ii) special purpose companies (they may behereinafter referred to as “SPCs”), partnerships or other funds with which the Sponsor has entered into the asset management service
agreement, (iii) Canadian Solar O&M Japan K.K. (it may be hereinafter referred to as “CSOM Japan”) and (iv) special purpose companies,
partnerships or other funds in which the Sponsor or its subsidiary own a majority interest. The same shall apply hereunder.
(Note 5) The term “value chain” generally refers to a relationship between processes such that value is added cumulatively to products and services
with each process.
(Note 6) The Pipeline refers to those assets developed by the Sponsor Group or by the Canadian Solar Group for which CSIF holds or will holdpreferential trading negotiation rights.

-8-

(ii) Internal Growth Strategy
CSIF will contract out O&M to CSOM Japan, which is a wholly owned subsidiary of the Sponsor and provides O&M services
in Japan, in principle, for the availability of homogeneous O&M services to the extent that CSIF considers essential. CSIF aims
to thereby reduce the operational risk and operating costs by utilizing the services of CSOM Japan and placing a blanket order,
respectively.
By making the most of the strong operation and management abilities realized by utilizing the global monitoring platform of
the Sponsor Group in the early discovery and repair of failures of power generation facilities, CSIF will aim to reduce the lossof power generation. In addition, CSIF will implement the appropriate repair and facilities replacement of assets undermanagement to maintain and enhance the value of assets from the medium- to long-term perspective, thereby securing stablerevenue in the medium to long term.
In response to the output curtailment implemented by Kyushu Electric Power described in b. Investment Environment andManagement Performance for the Fiscal Period Under Review in in I. Overview of the Fiscal Period under Review above, CSIF
carried out the modification of individual power plants in its portfolio to support online output curtailment (which refers to output
curtailment of photovoltaic power generation facilities with a remote output controller installed, the same applies below) as it
did in the previous fiscal period. While all the CSIF-owned power plants in the area served by Kyushu Electric Power are subject
to the 30-day rule for output curtailment, the above modifications required for online output curtailment led to a shift from theprevious all-day curtailment to hourly curtailment and opened the way for controlling the decrease in lease revenue due to a
decline in energy output for reason of output curtailment. In addition, curtailment within a day is counted as one day regardlessof the duration, which allows the power plant to respond to output curtailment during peak demand for electricity while
complying with the 30-day rule. As a result of further progress shifting to the online output curtailment arrangement, allphotovoltaic power plants in Kyushu have shifted to online output curtailment. As a result, CSIF succeeded in reducing lost lease
revenue due to curtailment compared with the same period of the previous year and this boosted operating revenue. In addition,
CSIF is currently gradually installing online output curtailment equipment at power plants outside the Kyushu region.
As part of its activities related to the Principles for Responsible Investment (UN PRI), the Asset Manager signed the UN PRI
on August 13, 2019, and established the Approach to the Principles for Responsible Investment at the end of December 2020 as
the basic ESG policy of the Asset Manager. Further, recognizing that climate change is an important environmental issue withpotential risks and opportunities when conducting business focused on the environmental pillar of ESG, we disclosed information
about initiatives to address climate change in line with the TCFD recommendations on February 14, 2022. On March 1, 2022,
the Asset Manager established the Sustainability Committee, which will be required to report to CSIF’s Board of Directors atleast twice a year going forward. Meanwhile, CSIF established a green finance framework (hereinafter referred to as the “Green
Finance Framework”) for the financing of activities that will provide environmental benefits, covering debt financing such as
green bonds and green loans, and on May 11,2020, CSIF acquired the highest green finance evaluation of Green 1(F) for theGreen Finance Framework from Japan Credit Rating Agency, Ltd. (JCR), which is an independent rating agency. Its Evaluation
was updated in May, 2021.
Updated on
May 11, 2021

Evaluating Agency
Japan Credit Rating
Agency, Ltd. (JCR)

Evaluation
OverallGreenness (use of proceeds)
Management, Operation and Transparenc

Green 1 (F)g 1 (F)
m 1 (F)CSIF successively signed specified wholesale supplying agreements with Zero Watt Power Inc. for CS Izu-shi Power Plant,
CS Ōgawara-machi Power Plant, CS Mashiki-machi Power Plant and CS Hiji-machi Dai-ni Power Plant. These plants are partof the assets owned by CSIF. The agreements help these electricity retailers sell FIT electric power (Note 1) or electric power
effectively derived from renewable energy (Note 2). In addition, CSIF announced the Notice concerning the Conclusion of an
Agreement Concerning the Granting of Tracking Information on Solar Power Plants Owned by CSIF on September 29, 2022.
As was mentioned there, CSIF signed a new agreement with power consumer, unidentified under non-disclosure agreementswith them, for the granting of information on renewable energy power plants (hereinafter referred to as “tracking information”)
added to the FIT Non-Fossil Certificates for CS Daisen-cho Power Plant (A), CS Daisen-cho Power Plant (B) and CS
Marumori-machi Power Plant. CSIF is thus taking actions towards decarbonization in response to the increasing needs ofpower consumers for renewable energy. These actions also support the global RE100 initiative, which aims to make 100% of
the energy consumed in business activities renewable energy.
(Note 1) Part of the expenses for procuring FIT electric power is covered by the FIT surcharges paid by power consumers. Electricity retailers need to
inform of this to consumers.
(Note 2) To present to consumers that the electric power they sell is effectively derived from renewable energy, electricity retailers must separately
purchase non-fossil certificates according to the energy output sold and use them.
(Note 3) A FIT Non-Fossil Certificate is a certificate representing the renewable energy value of the electric power purchased under the FIT schemethat is traded on the Non-Fossil Value Trading Market operated by Japan Electric Power Exchange (hereinafter referred to as “JPEX”).

(iii) Financial Strategy
To secure stable revenue and ensure the growth of the managed assets of CSIF, CSIF will consider financing by public offering,borrowings and other means in the acquisition of new assets, while watching changes in the financing environment closely.

-9-

c Forecasts of Management Status
Forecast of management status for the fiscal period ending June 30, 2023 (January 1, 2023 to June 30, 2023), the fiscal period
ending December 31, 2023 (July 1, 2023 to December 31, 2023) and the fiscal period ending June 30, 2024 (January 1, 2024 toJune 30, 2024) is as follows. For details of the assumptions underlying the forecast of management status, please refer to“Assumptions Underlying Forecast of Management Status for Fiscal Period Ending June 30, 2023 (January 1, 2023 to June 30,2023), the fiscal period ending December 31, 2023 (July 1, 2023 to December 31, 2023) and the fiscal period ending June 30,2024 (January 1, 2024 to June 30, 2024)” described below.

Fiscal period ending
Jun. 2023
Fiscal period ending
Dec. 2023
Fiscal period ending
Jun. 2024
III

Distributions inexcess of
earnings per unit

Distributions
per unit(including
distributions inexcess of
earnings)

Operatingrevenues

OperatingincomeOrdinary
incomeNet income

Distributions
per unit(excluding
distributions
in excess ofearnings)

million yen

million yen

million yen

million yen

yen

yen

yen

3,690

1,352

1,149

1,148

2,969

781

3,750

3,707

1,370

1,169

1,168

3,022

728

3,750

3,639

1,330

1,136

1,135

2,935

815

3,750

Facts arising after the settlement of accounts
Not applicable.

- 10 -

Assumptions Underlying Forecast of Management Status for Fiscal Period Ending June 30, 2023 (January 1, 2023 to June 30, 2023),
the fiscal period ending December 31, 2023 (July 1, 2023 to December 31, 2023) and the fiscal period ending June 30, 2024 (January
1, 2024 to June 30, 20244)
Item
Calculation period

Portfolio

Operating revenues

Assumptions
・ 12th fiscal period :from January 1, 2023 to June 30, 2023 (181 days)
・ 13th fiscal period :from July 1, 2023 to December 31, 2023 (184 days)
・ 14th fiscal period :from January 1, 2024 to June 30, 2024 (182 days)
・ Assumption is that CSIF has 25 photovoltaic power generation facilities, etc. that CISF had at theend of December 2022 (hereinafter refer to as the "Assets in Possession").
・ These forecasts are based on the assumption that there shall have been no changes in thecomposition of CSIF’s portfolio (such as acquisition of new assets and dispositions of Projects
Held, etc.) until the end of the 14th fiscal period, June 30, 2024.
・ CSIF’s portfolio may change, however, due to the acquisition of new assets other than the
Additional Projects or disposal of the Projects Held, among other cases.
・ The lease agreements of the solar energy projects that CSIF intends to acquire will become
effective as of the acquisition date. CSIF’s leasing structure for its solar energy projects will becomprised of basic rent and variable rent as follows. Revenue forecasts for the 12th, 13th and14th fiscal periods are ¥3,690 million, ¥3,707 million and ¥3,639 million, respectively.
a) Basic rent for each solar energy project that CSIF intends to acquire is calculated as follows:
Monthly projected energy output (P50) x (100-Y)% x 70% x FIT purchase price
Monthly projected energy output (P50) (Note 1) (Note 2) refers to such figure disclosed in thetechnical reports (an evaluation report of the system, the capacity, the relevant contracts attachedand continuity (performance degradation and environmental evaluation) of the solar energy
facility) that Canadian Solar Asset Management K.K., the asset manager of CSIF (the “AssetManager”) received from E&E Solutions Inc. Monthly projected energy output (P50) x (100Y) % (Note 3) represents the amount after deduction of fees CSIF pays to the operators and fees
regarding management of the lessee.
b) Variable rents for each solar energy project that CSIF intends to acquire is calculated asfollows:
Monthly actual energy output x (100-Y) % x FIT purchase price – basic rent
Any amount that exceeds the basic rent after multiplying a certain rate of (100-Y) % to themonthly actual energy output for each solar energy project by FIT purchase price will be
captured as a performance-related variable rent. In any case, if the calculation of the variable rent
is a negative number, it shall be deemed to be zero.
(*Note 1) Projected energy output (P50) represents the output that is viewed to be achievable with a 50%
probability by the third-party providers of the technical reports and other experts. The same applies
hereinafter.
(*Note 2) The calculation of parts of Acquired Projects is based on the estimated monthly power generation (P50)
presented in the Technical Report, after deducting the rate of curtailment from third party research firm.
(Note 3) Y represents the value for management costs of the lessees and operator remuneration fees. The value ofY will vary for Acquired Projects and Additional Projects.

・ Forecasted figures herein have been based on a projected energy output (P50) and are notguaranteed nor do they reflect the actual energy output, which will vary depending on the levelof solar irradiation.
・ CSIF has assumed no cancellations of the lease agreements or delinquencies or non-payment ofrents by lessees.
・ CSIF has assumed that the current lease agreements will be renewed on equal terms under these
agreements.

- 11 -

Item

Operating expenses

Non-operating expenses

Borrowings

Number of investment units

Distributions per unit
(excluding distributions inexcess of earnings)

Assumptions
・ Among the operating expenses of the Assets in Possession, operating expenses other thandepreciation costs have been accounted for based on past figures for Acquired Projects and figures
provided by each owner at the time of acquisition of Additional Projects and estimates fromsubcontractors, etc., taking into account variables. Such costs for the 12th, 13th and 14th fiscal
periods are assumed to be ¥873 million, ¥870 million and ¥841 million, respectively.
・ Of the expenses for the lease of the Assets in Possession, Property-related taxes are assumed to be¥5 million, ¥6 million and ¥5 million for the 12th, 13th and 14th fiscal periods, respectively.
・ Periodic payment of repair and maintenance costs based on the figures provided in the technicalreports and the Asset Manager's estimate have been taken into account. However, these figures
are subject to revisions as the actual figures can vary significantly depending on the operating
period and are paid in irregular intervals, in addition to any instances where unexpected repairs
are required.
・ CSIF expects to pay ¥225 million, ¥225 million and ¥225 million for the 12th, 13th and 14th fiscal
periods, respectively, as O&M fees.
・ CSIF assumed it will incur expenses related to land lease in the amounts of ¥61 million, ¥61
million and ¥61 million for the 12th, 13th and 14th fiscal periods, respectively, in connection with
the Assets in Possession.
・ CSIF has assumed that it will incur depreciation expenses, including certain ancillary expenses of¥1,464 million, ¥1,465 million and ¥1,467 million for the 12th, 13th and 14th fiscal periods,
respectively. These figures are calculated using the straight-line method.
・ CSIF has assumed interest expenses, interests on investment corporation bonds and otherborrowing-related expenses of ¥203 million, ¥201 million and ¥194 million for the 12th, 13th and14th fiscal periods, respectively.
・ CSIF’s balance of interest-bearing debt totals ¥37,688 million (borrowings and investment
corporation bonds) as of today. CSIF has assumed that the interest-bearing debt will be repaid in
the amounts of ¥1,144 million, ¥1,130 million and ¥1,136 million for the 12th, 13th and 14th
fiscal periods, respectively, by contracts.
・ CSIF anticipates that its LTV (loan-to-value) ratio will be approximately 48.0%, 47.4% and 46.8%
as of the end of 12th, 13th and 14th fiscal periods, respectively
・ CSIF calculates LTV using the following formula.
LTV = Total interest-bearing debt / Total assets × 100
・ The assumption that CSIF uses is the total number of investment units issued and outstanding asof the date of this document, which is 386,656 units.
・ CSIF has assumed that there will be no changes to the number of units issued and outstanding
resulting from the issuance of additional investment units, etc., until the end of the 14th fiscal
period ending June 30, 2024.
・ Distributions per unit (excluding distributions in excess of earnings), distributions in excess ofearnings per unit and distributions per unit (including distributions in excess of earnings) havebeen calculated based on the assumption that the number of units issued and outstanding as of theend of each fiscal period will be 386,656 units.
・ Distributions per unit (excluding distributions in excess of earnings) are calculated based on the
cash distribution policy prescribed in CSIF’s Articles of Incorporation.
・ Changes in lessees, fluctuations in rental revenues due to changes in lease agreements, fluctuations
in energy output, unforeseeable repair and maintenance expenses incurred and other factors maylead to changes in the amount of distributions per unit (excluding distributions in excess ofearnings).

- 12 -

Item

Distributions in excess ofearnings per unit

Assumptions
・ Distributions in excess of earnings per unit will generally be based on the cash distribution policy
prescribed in CSIF’s Articles of Incorporation and the Asset Manager’s asset management
guideline.
・ CSIF intends to make cash distributions to its unitholders for each fiscal period using cash flow
generated by the renewable energy projects (the “Free Cash Flow” or “FCF”) (Note 1). The
amount available for distribution shall be calculated by multiplying FCF less any amount payable
to debt investors (the “Net Cash Flow”, or “NCF”.CSIF will incorporate the total amount of
net cash flow remaining after deduction of distributions from the preceding fiscal periods incalculating the net cash flow) (Note 2) with the applicable payout ratio, which will be determinedby CSIF at its discretion for each fiscal period. Further, CSIF intends to make distributions inexcess of earnings for each fiscal period in order to realize such policy.
・ CSIF intends to maintain distributions per unit including distributions in excess of earnings in the
12th fiscal periods around ¥3,750. Distributions in excess of earnings are assumed to be ¥781 in
the 12th period. Distributions per unit including distributions in excess of earnings in the 13th
period and in the 14th period are also ¥3,750. Distributions in excess of earnings are assumed tobe ¥728 in the 13th period and ¥815 in the 14th period. Distributions including distributions inexcess of earnings shall be calculated by multiplying anticipated NCF at the beginning of eachperiod with certain fixed ate. The rate is to be decided considering related anticipated NCF at the
beginning of each period, and is assumed to be 76.4% in the 12th fiscal period.
・ Taking the economic environment, market environment of renewable energy power plant businessand financial condition of CSIF, etc. into account, CSIF can choose not to make distributions inexcess of earnings in order to spend for repair and capital expenditure, repay the borrowings,
apply to a new asset acquisition and acquire own investment units, etc.
・ Since distributions in excess of earnings accompany decrease of a cash position, the possibility ofshortages of a cash position and the financial restriction for a swift assets acquisition can occur
when CSIF needs to spend for capital expenditure more than estimated because of unexpected
events.
(*Note 1) Free Cash Flow (FCF): Rent revenues minus expenses related to rent business and capital expenditures related
to assets. Expenses related to rent business include all cash expenses related to operation, including payment ofasset management fees and administrative service fees, but exclude interest payments related to interest-bearing
debt or other financing-related expenses.
(*Note 2) Net cash flow (NCF) for the applicable period: Free Cash Flow minus interest payments related to interestbearing debt and repayments of interest-bearing debt for the relevant fiscal period plus total amount of net cash
flow remaining after deduction of distributions from the preceding fiscal periods.

Others・ CSIF has assumed that no revisions that will impact the above projections will be made to laws
and regulations, tax systems, accounting standards, securities listing regulations and the rules of
The Investment Trusts Association, Japan, among others.
・ CSIF has assumed that no unforeseeable significant changes will occur in general economic trends
or conditions in the solar energy facility market and the real estate market.

(2) Risk of Investment
Disclosure is omitted because there have been no significant changes from the description in the latest securities report(submitted on September 29, 2022 including subsequent amendments.)- 13 -

2. Financial Statement(1) Balance Sheet(Unit : thousand yen)
10th Period(June 30, 2022)
AssetsCurrent Assets
Cash and bank deposit
Operating accounts receivable
Accounts receivable
Prepaid expenses
Other current assets
Total current assets
Fixed Assets
Property and equipment
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment ,net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Total property and equipment
Intangible assets
Leasehold rights
SoftwareTotal intangible assets
Investments and other assets
Long-term prepaid expenses
Investment in capital
Deferred tax assets
Long-term bank deposit
Security deposits
Total investment and other assets
Total fixed assets
Deferred Assets
Investment corporation bond issuance cost
Total deferred assets
Total assets
Liabilities
Current liabilities
Accounts payable – operating
Current portion of long-term loans payable
Accounts payable – otherAccrued expenses
Income taxes payable
Consumption tax payable
Deposits received
Total current liabilities
Non-current liabilities
Investment corporation bondLong-term loan payable
Total non-current liabilities
Total liabilities
Net assets- 14 -

11th Period(December 31, 2022)

5,082,280
1,148,662
163,589
75,5136,470,046

5,271,544
798,973
13,141
262,70959,4686,405,837

1,055,391(171,352)
884,038
42,434,266(7,330,697)
35,103,568
591,024(102,728)
488,296
4,505,944
6,569,721(319,920)
6,249,801
20,291,246(1,126,547)
19,164,699
93,540(5,114)88,425
4,769,905
71,254,680

1,056,877(193,153)
863,724
42,480,349(8,203,513)
34,276,835
591,663(114,667)
476,996
4,505,944
6,590,138(441,608)
6,148,530
20,291,246(1,549,535)
18,741,711
94,264(7,036)87,2284,769,905
69,870,876

1,156,923
2,761
1,159,685

1,156,923
2,226
1,159,150

520,33510
12
15,60037,790573,747
72,988,113

481,80210
15
15,60037,790535,21771,565,244

17,701
17,701
79,475,861

14,921
14,921
77,986,003

69,7392,261,543
171,689
137,675852
148,202485
2,790,188

87,3242,275,477
161,541
123,547
914
76,7731,265
2,726,843

4,900,000
31,643,639
36,543,639
39,333,827

4,900,000
30,512,844
35,412,844
38,139,687

Unitholders' equity
Unit holders’ capital
Deduction from unitholders’ capital
Unitholders’ capital (net value)
Surplus
Unappropriated retained earnings(Accumulated deficit)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets- 15 -

40,631,004(1,998,255)
38,632,749

40,631,004(1,998,255)
38,632,749

1,509,284

1,213,566

1,509,284
40,142,034*1 40,142,034
79,475,861

1,213,566
39,846,315*1 39,846,315
77,986,003

(2) Statement of Income(Unit: thousand yen)
10th period(from January 1, 2022
to June 30, 2022)
Operating revenues
Rental revenues of renewable energy power generation
facilities, etc.
Total operating revenues
Operating expenses
Rental expenses of renewable energy power generation
facilities, etc.
Asset management fee
Administrative service fees
Director’s compensation
Taxes and duties
Other operating expenses
Total operating expenses
Operating income or loss
Non-operating incomesInterest income
Dividends
Insurance income
Other non-operating income
Total non-operating income
Non-operating expenses
Interest expenses
Interest on investment corporation bondAmortization of Investment corporation bond issuance
cost
Borrowing-related expenses
Loss on retirement of non-current assets
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes - current
Income tax - deferred
Total income taxes
Net income
Retained earnings (deficit) brought forward
Unappropriated retained earnings (Accumulated deficit)- 16 -

11th period(from July 1, 2022
to December 31, 2022)*1 4,060,575*1 3,715,150

4,060,575

3,715,150*1 2,090,621*1 2,114,647

127,390
27,8772,400
65
68,2612,316,616
1,743,958

115,772
27,2512,400
16471,6122,331,848
1,383,301

26
0
3,259
3,285

29
39,287
202
39,519151,215
18,947

148,732
19,262

2,779

2,779

37,73026,635
237,310
1,509,933
1,509,933
856
4
861
1,509,072
211
1,509,284

37,730208,505
1,214,315
1,214,315
918
(2)
915
1,213,400
165
1,213,566

(3) Statements of Changes in Unitholders’ Equity
10th Fiscal Period (From January 1, 2022 to June 30, 2022)(Unit: thousand yen)
Unitholders’ equity
Unitholders’ capital

SurplusTotal
unitholders’equityTotal net
assetsUnitholders’capitalDeduction fromunitholders’capitalUnitholders’capital(net)

Capitalsurplus or
loss

Total
surplus40,631,004(1,670,370)

38,960,634

1,122,287

1,122,287

Distribution inexcess of earnings-(327,884)(327,884)--

Dividend of
surplus---(1,122,075) (1,122,075)(1,122,075) (1,122,075)

Net Income

-

-

-

1,509,072

1,509,072

1,509,072

1,509,072

Total changes of
items during theperiod-(327,884)(327,884)

386,996386,996

59,112

59,112*1 40,631,004(1,998,255)

38,632,749

1,509,284

1,509,284

Balance as ofJanuary 1, 2022

40,082,921 40,082,921

Changes of items
during the period

Balance as of June30, 2022(327,884)(327,884)

40,142,034 40,142,034

11th Fiscal Period (From July 1, 2022 to December 31, 2022)(Unit: thousand yen)
Unitholders’ equity
Unitholders’ capital

SurplusTotal
unitholders’equityTotal net
assetsUnitholders’capitalDeduction fromunitholders’capitalUnitholders’capital(net)

Capitalsurplus or
loss

Total
surplus40,631,004(1,998,255)

38,632,749

1,509,284

1,509,284

40,142,034 40,142,034

Dividend of
surplus---(1,509,118) (1,509,118)(1,509,118) (1,509,118)

Net Income

-

-

-

1,213,400

1,213,400

1,213,400

1,213,400

Total changes of
items during theperiod---(295,718)(295,718)(295,718)(295,718)

Balance as ofDecember 31, 2022

*1 40,631,004(1,998,255)

38,632,749

1,213,566

1,213,566

39,846,315 39,846,315

Balance as of July 1,
2022
Changes of items
during the period- 17 -

(4) Statements of Cash Distribution
Fiscal Period under Review(From January 1, 2022
to June 30, 2022)
Unit: Yen
I Unappropriated retained earnings(accumulated deficit)
II Distributions in excess of retained earnings
Deduction from unitholders’ capital
III Cash distributions(Cash distributions per unit)
Profit distributions(Profit distributions per unit)
Distributions in excess of retained
earnings(Distributions in excess of retained
earnings)
IV. Retained earnings (deficit) carried forward
Calculation method for cash distributions(Note)

Fiscal Period under Review(From July 1, 2022
to December 31, 2022)
Unit: Yen

1,509,284,238

1,213,566,004-

236,633,472

1,509,118,368(3,903)
1,509,118,368(3,903)-

1,449,960,000(3,750)1,213,326,528(3,138)236,633,472

(-)

(612)

239,476
165,870
In accordance with Articles 47,
In accordance with Articles 47,
Paragraph 1 of Canadian Solar Paragraph 1 of Canadian Solar
Infrastructure Fund, Inc. (“CSIF’) s Infrastructure Fund, Inc. (“CSIF’) s
Articles of Incorporation, the amount of Articles of Incorporation, the amount ofcash distributions shall be the amount of cash distributions shall be the amount of
profit in excess of an amount equivalent profit in excess of an amount equivalent
to 90% of distributable profits, as to 90% of distributable profits, as
stipulated in Article 67-15 of the Act on stipulated in Article 67-15 of the Act on
Special Measures Concerning Taxation. Special Measures Concerning Taxation.
Based on this policy, CSIF decided to Based on this policy, CSIF decided tomake distributions of ¥1,509,118,368 make distributions of ¥1,213,326,528
which is the entire amount equivalent to which is the entire amount equivalent tothe unappropriated retained earnings for the unappropriated retained earnings forthe fiscal period under review of the fiscal period under review of¥1,509,284,238 excluding fractions of ¥1,213,566,004 excluding fractions of
the distribution per unit that are less than the distribution per unit that are less than
¥1.
¥1.
CSIF distributes cash in excess of
CSIF does not distribute cash in excess
of retained earnings based on the cash retained earnings every fiscal period
distribution policy prescribed in Article based on the cash distribution policy
47, Paragraph 2 of CSIF’s Articles of prescribed in Article 47, Paragraph 2 of
CSIF’s Articles of Incorporation. Based
Incorporation.
Accordingly, the distribution per unit on this policy, CSIF decided to make cash
distributions in excess of earnings (returnis ¥3,903.
of capital categorized as a distribution of
the reduction in capital for Japanese tax
purposes) in the amount of ¥236,633,472
which is equivalent to 16.3% of theamount of depreciation expenses
recorded for the fiscal period underreview of ¥1,453,687,832.
Accordingly, the distribution per unit is¥3,750.

Distributions in excess of retained earnings per unit will generally be based on the cash distribution policy prescribed in
CSIF’s Articles of Incorporation and the Asset Manager’s asset management guideline.
CSIF intends to make cash distributions of NCF within the FCF generated from the renewable energy power generation
facilities. The amount available for distribution shall be calculated by multiplying NCF by the payout ratio.
Further, CSIF intends to make distributions in excess of retained earnings for each fiscal period in order to realize suchpolicy.
CSIF’s forecasts (including revised forecasts) for each fiscal period are based on the assumption of the Forecast Power
Generation (P50) provided in the independent technical report which is used as a basis for calculating rents for renewable- 18 -

energy power generation facilities and if actual NCF calculated based on actual power generation during the applicable fiscal
period exceeds forecast NCF, CSIF’s policy is to set “forecast NCF multiplied by the payout ratio” as the upper limit of theamount of cash distributions for the applicable fiscal period. .
On the other hand, if actual NCF is less than forecast NCF, CSIF’s policy is to set “actual NCF multiplied by the payout
ratio” as the amount of cash distributions for the applicable fiscal period.
Based on this policy, CSIF decided to make distributions for the previous fiscal period of ¥1,509,118,368 which is equivalent
to 63.3% of forecast NCF amount for the fiscal period under review of ¥2,382,855,627.
Based on this policy, CSIF decided to make distributions for the current fiscal period of ¥1,449,960,000 which is equivalent
to 77.1% of forecast NCF amount for the fiscal period under review of ¥1,880,540,436. Of this, ¥236,633,472 which is theamount less of distributions of profit of ¥1,213,326,528 is distributions in excess of retained earnings.

- 19 -

(5) Statement of Cash Flow(unit: thousand yen)
10th period(From January 1, 2022
to June 30, 2022)
Cash flows from operating activities
Income (Loss) before income taxes
Depreciation costs
Amortization of investment corporation bond issuance
costs
Interest income and dividends
Interest expenses
Other non-operating income
Loss on retirement of non-current assets
Decrease (Increase) in operating accounts receivable
Decrease (Increase) in accounts receivable
Decrease (Increase) in consumption taxes payable
Decrease (Increase) in prepaid expenses
Decrease (Increase) in long-term prepaid expenses
Increase (Decrease) in operating accounts payable
Increase (Decrease) in accounts payable - other
Increase (Decrease) in accrued expenses
Other, net
Sub-totalInterest received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchases of property and equipment
Purchases of intangible assets
Net cash provided by (used in) investing activities
Cash flows from financing activities
Repayment of long-term loans payable
Dividends paid
Surplus earning distribution paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the fiscal
periodCash and cash equivalents at the end of the fiscal period

1,509,933
1,452,880

1,214,315
1,453,687

2,779

2,779

(26)
170,163(2,394)
26,635(391,318)(156,974)
59,952
38,533
17,432
27,30836,951(16,908)
2,774,951
26(171,183)(948)
2,602,846(29)
167,994(202)
349,688(13,141)(71,785)(99,119)
38,53322,025(10,459)(15,040)
16,824
3,056,072
29(167,082)(857)
2,888,162(37,272)(2,500)(39,772)(72,094)(825)(72,919)(1,131,857)(1,122,075)(327,884)(2,581,817)(18,743)(1,116,861)(1,509,118)(2,625,979)
189,264

5,101,023

5,082,280*1- 20 -

11th period(From July 1, 2022
to December 31, 2022)

5,082,280*1

5,271,544

(6) NOTES ON GOING CONCERN PREMISE
Not applicable.
(7) [SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES]
1. Method of depreciation andamortization of non-current assets(1) Property and equipment
The straight-line method is adopted. In addition, the useful lives of major property andequipment are as shown below:
Structures............................................... 22 - 25 years
Machinery and equipment..................... 22 - 25 years
Tools, furniture and fixtures.................. 22 - 25 years
Structures in trust .................................. 24 - 30 years
Machinery and equipment in trust......... 24 - 25 years
Tools, furniture and fixtures in trust...... 24 - 25 years(2) Intangible assets
The straight-line method is adopted. In addition, the useful life is as shown below:
Software................................................ 5 years(3) Long-term prepaid expenses
The straight-line method is adopted.

2. Method of amortization of deferredassetsInvestment corporation bond issuance expenses
Amortized by the straight-line method over the life of the bonds.

3. Standards for revenue and expense
recognition

Accounting for fixed assets tax
With respect to fixed assets tax, city planning tax and depreciable assets tax, among othertaxes, on the infrastructure assets held, of the tax amount assessed and determined, theamount corresponding to the calculation period is accounted as rental expenses. In
addition, reimbursement such as fixed assets tax, which is paid to the seller and otherpersons on the acquisition of infrastructure assets and other assets (“the amountequivalent to the fixed assets taxes and other taxes”) is not recognized as rental expenses
but included in the acquisition cost of the concerned infrastructure assets and other assets.

4. Scope of funds in statement of cash
flows

Funds (cash and cash equivalents) in statement of cash flows consist of cash on hand,demand deposits and short-term investments with a maturity of three months or less at thedate of acquisition that can readily be converted into cash and that are subject toinsignificant risks of changes in value.

5. Method of hedge accounting(1) Method of hedge accounting
Special treatment is adopted for the interest rate swap that meets the requirements for
special treatment.
(2) Hedging instruments and hedged items:
・Hedging instruments……Interest rate swap transaction
・Hedged items….Interest rate on loans(3) Policy for hedging
CSIF conducts derivative transactions to hedge risks as set forth in the CSIF’s Articles
of Incorporation according to the rules for risk management.
(4) Method of evaluation of effectiveness of hedging
The interest rate swap meets the requirements for special treatment, and thus theevaluation of effectiveness is omitted.

6. Other significant matters serving as
the basis for preparation of financial
statements

Accounting treatment with regard to trust beneficiary interest in real estateWith regards to trust beneficial interest in equipment of renewable energy power plants,
all assets and liabilities within entrusted assets as well as all revenue and expense items
which occur to entrusted assets are recorded as the respective account titles on the balance
sheet and statements of income. The following important account titles among theentrusted assets which are recorded as the respective account titles are separately
indicated on the balance sheet:
Structures in trust, Machinery and equipment in trust, Tools, furniture and fixtures intrust, Land in trust.

- 21 -

(8) Notes regarding financial statements[NOTES TO BALANCE SHEET]*1 Minimum net assets stipulated in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations(Unit: thousand yen)
As ofJune 30, 2022

As ofDecember 31, 2022
50,00050,000[NOTES TO STATEMENT OF INCOME]*1 Breakdown of profits and losses from the rental business of renewable energy power generation facilities, etc.
(Unit: thousand yen)
From January 1, 2022 toJune 30, 2022

From July 1, 2022 to
December 31, 2022

A. Operating revenue from the rental business of renewable energy power generation facilities, etc.
Rental revenue of renewable energy power generation
facilities, etc.
(Basic rent)

2,610,799

2,603,324(Variable rent linked to actual output)

1,449,747

1,111,032

28

794

4,060,575

3,715,150(Incidental income)
Total operating revenue from the rental business ofrenewable energy power generation facilities, etc.

B. Operating expenses from the rental business of renewable energy power generation facilities, etc.
Rental expenses of renewable energy power generation
facilities, etc.
(Management entrustment expenses)

257,667

254,787(Repair and maintenance costs)

25,66450,561(Taxes and duties)

243,240

243,242(Utilities expenses)

5,877

6,915

(Insurance expenses)

37,24337,243(Depreciation expenses)

1,452,362

1,453,152(Land rent)

61,91762,096(Trust fees)

6,600

6,600

49

49

2,090,621

2,114,647

1,969,953

1,600,502(Other rental expenses)
Total operating expenses from the rental business ofrenewable energy power generation facilities, etc.
C. Profits and losses from the rental business of renewable energy
power generation facilities, etc. (A-B)- 22 -

[NOTES TO STATEMENT OF CHANGES IN NET ASSETS]*1 Total number of authorized investment units and the total number of investment units issued and outstanding
From January 1, 2022 toJune 30, 2022

From July 1, 2022 to
December 31, 2022

Total number of authorized investment
units

10,000,000 units

10,000,000 units

Total number of investment units issued
and outstanding

386,656 units

386,656 units[NOTES TO STATEMENT OF CASH FLOWS]*1 Relationship between the ending balance of cash and cash equivalents and the amounts on the balance sheet(Unit: thousand yen)
From January 1, 2022 toJune 30, 2022
Cash and deposits

5,082,280

5,271,544--

5,082,280

5,271,544

Fixed term deposits exceeding 3 months
Cash and cash equivalents

From July 1, 2022 to
December 31, 2022

[NOTES ON LEASE TRANSACTIONS]
Operating lease (as the lessor)
Future minimum lease payments(Unit: thousand yen)
Fiscal period ended

Fiscal period ended

June 30, 2022

December 31, 2022

Within one year

5,190,132

5,142,217

Longer than one year

72,347,243

68,750,697

Total

77,537,376

73,892,914- 23 -

[NOTES ON FINANCIAL INSTRUMENTS]
1.Situation of financial instruments(1) Policy for financial instruments
CSIF procures funds for acquiring new assets or repaying loans through loans from financial institutions or issuinginvestment units. The basic policy is to build stable and sound financial operations to maintain and increase earnings in
the medium to long term and grow the size and value of assets.
(2) Details of the financial instruments and their risks and the risk management system
Long-term loans payables are one of the means to procure the funds for the acquisition of managed assets and are
exposed to interest rate fluctuation risk and liquidity risk, among other risks. However, this risk is deducted through theappropriate balancing of the loan period and the interest rate type, and diversification of lenders, and the appropriate
management of various types of indexes, especially the general application of the upper limit of the ratio of interestbearing, which is 60%.
(3) Supplementary explanation on fair value of financial instruments
The fair values of financial instruments are values based on market prices, or if there are no market prices, values arereasonably calculated. Since certain assumptions are used for the calculation of fair values, they may change if different
assumptions are used.
2. Matters relating to fair values of financial instruments
The table below shows the book value and fair values of financial instruments as of June 30, 2022, and the difference between
them. With respect to cash and deposits and operating account receivable, the condition that the cash and deposits are settled in the
short term, and thus the market value is considered to be close to the book value. Accordingly, those are not included int he table.
Long-term bank deposits and security deposits are not included in the table since those have little relevance.
(Unit: thousand yen)Book value

Fair value

Difference(1) Current portion of long-term loans
payable2,261,543

2,263,748

2,205(2) Long-term loans payable

31,643,639

31,870,125

226,486(3) Investment corporation bond

4,900,000

4,892,630(7,370)Total liabilities

38,805,182

39,026,504

221,322(4) Derivative transaction

-

-

-

(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Liabilities(1) Current portion of long-term loans payable (2) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every
certain period is applied to loans, and thus the market value is considered to be close to the book value. Accordingly, thebook value is used. In addition, for the long-term loans payable at variable interest rates subject to the special treatment ofinterest rate swap (refer to the “Notes on derivative transactions” below), the fair value is measured by discounting thetotal sum of the principal and interest treated together with the said interest rate swap as one at the interest rate that is applied
when the similar loan is obtained and that is reasonably estimated.
(3) Investment Corporation Bond
The fair value of investment corporation bonds is determined based on market prices(4) Derivative transaction
Please refer to the “Notes on derivative transactions” below.

- 24 -

The table below shows the book value and fair values of financial instruments as of December 31, 2022, and the difference
between them. With respect to cash and deposits and operating account receivable, the condition that the cash and deposits aresettled in the short term, and thus the market value is considered to be close to the book value. Accordingly, those are not included
int he table. Long-term bank deposits and security deposits are not included in the table since those have little relevance.
(Unit: thousand yen)Book value

Fair value

Difference(1) Current portion of long-term loans
payable2,275,477

2,278,187

2,709(2) Long-term loans payable

30,512,844

30,766,331

253,487(3) Investment corporation bond

4,900,000

4,894,170(5,830)Total liabilities

37,688,321

37,938,688

262,027(4) Derivative transaction

-

-

-

(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Liabilities(1) Current portion of long-term loans payable (2) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every
certain period is applied to loans, and thus the market value is considered to be close to the book value. Accordingly, thebook value is used. In addition, for the long-term loans payable at variable interest rates subject to the special treatment ofinterest rate swap (refer to the “Notes on derivative transactions” below), the fair value is measured by discounting thetotal sum of the principal and interest treated together with the said interest rate swap as one at the interest rate that is applied
when the similar loan is obtained and that is reasonably estimated.
(3) Investment Corporation Bond
The fair value of investment corporation bonds is determined based on market prices(4) Derivative transaction
Please refer to the “Notes on derivative transactions” below.
(Note 2) Scheduled redemption amount of loans payables after the closing date (June 30, 2022)(Unit: thousand yen)
Within one
year
Long-term loans payable

2,261,543

2,267,295

2,206,896

2,301,459

2,240,050

22,627,936--

1,100,000

3,800,000--

2,261,543

2,267,295

3,306,896

6,101,459

2,240,050

22,627,936

Investment corporation bond
Total

Longer than Longer than Longer than Longer than
two years, three years, four years, Longer than
one year,five years
within two within three within four within five
years
years
years
years

Scheduled redemption amount of loans payables after the closing date (December 31, 2022)(Unit: thousand yen)
Within one
year
Long-term loans payable

2,275,477

2,228,931

2,270,245

2,256,998

9,570,112

14,186,556-

1,100,000-

3,800,000--

2,275,477

3,328,931

2,270,245

6,056,998

9,570,112

14,186,556

Investment corporation bond
Total

Longer than Longer than Longer than Longer than
one year,
two years, three years, four years, Longer than
five years
within two within three within four within five
years
years
years
years

[NOTES ON SECURITIES]
Prior fiscal period (as of June 30, 2022)
Not applicable.
Current fiscal period (as of December 31, 2022)
Not applicable.

- 25 -

[NOTES ON DERIVATIVE TRANSACTIONS]
1. Those to which hedge accounting is not applied
Prior fiscal period (as of June 30, 2022) and Current fiscal period (as of December 31, 2022)
Not applicable.
Prior fiscal period (as of June 30, 2022)(Unit: thousand yen)
Method ofhedge
accounting

Type of derivativetransactions and othermatters

Major
items
hedgedSpecialtreatment ofinterest rate
swap

Interest rate swap
transaction
Fixed
payment/variable
receipt

LongtermloanspayableContract amount and otheramounts
Longer than one
year

33,905,182

31,643,639

Fair value

Method ofcalculation ofsaid market
value(Note)-(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans payable and thelong-term loans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1) (1) Current portion of long-termloans payable and (2) Long-term loans payable in “Notes on financial instruments 2.Matters relating to fair values of financial instruments, among othermatters”

Current fiscal period (as of December 31, 2022)(Unit: thousand yen)
Method ofhedge
accounting

Type of derivativetransactions and othermatters

Major
items
hedgedSpecialtreatment ofinterest rate
swap

Interest rate swap
transaction
Fixed
payment/variable
receipt

LongtermloanspayableContract amount and otheramounts
Longer than one
year

32,788,321

30,512,844

Fair value

Method ofcalculation ofsaid market
value(Note)-(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans payable and thelong-term loans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1) (1) Current portion of long-termloans payable and (2) Long-term loans payable in “Notes on financial instruments 2.Matters relating to fair values of financial instruments, among othermatters”[NOTES ON RETIREMENT BENEFITS]
Prior fiscal period (as of June 30, 2022)
Not applicable.
Current fiscal period (as of December 31, 2022)
Not applicable.

- 26 -

[NOTES ON TAX EFFECT ACCOUNTING]
1. Breakdown of deferred tax assets and deferred tax liabilities by major cause(Unit: thousand yen)
Fiscal period ended
June 30, 2022

Fiscal period ended
December 31, 2022

Accrued business tax not deductible from taxable
income1215

Total deferred tax assets

1215

Net amount of deferred tax assets

1215

2. Breakdown of each major item that causes a significant difference between the effective statutory tax rate and the rate of
the burden of corporate tax and other taxes after the application of tax effect accounting
Fiscal period ended
June 30, 2022
Effective statutory tax rate

Fiscal period ended
December 31, 2022

31.46%

31.46%(31.44)%(31.43)%

Others

0.04%

0.05%

Rate of burden of corporate tax and other taxes after
the application of tax effect accounting

0.06%

0.08%

(Adjustment)
Dividends paid deductible for tax purpose[NOTES ON SHARE OF PROFIT (LOSS) OF ENTITIES ACCOUNTED FOR USING EQUITY METHOD, ETC.]
Prior fiscal period (from January 1, 2022 to June 30, 2022)
Not applicable.
Current fiscal period (from July 1, 2022 to December 31, 2022)
Not applicable.
[NOTES ON RELATED PARTY TRANSACTIONS]
Prior fiscal period (from January 1, 2022 to June 30, 2022)
Not applicable.
Current fiscal period (from July 1, 2022 to December 31, 2022)
Not applicable.
[NOTES ON ASSET RETIREMENT OBLIGATIONS]
Prior fiscal period (from January 1, 2022 to June 30, 2022)
Not applicable.
Current fiscal period (from July 1, 2022 to December 31, 2022)
Not applicable.
With respect to some of the renewable energy power generation facilities that the Investment Corporation owns directly oras assets in trust, it bears the obligation of restoring relevant sites to their original conditions according to land lease contracts
concluded with landowners. With these contracts being subject to automatic renewal, expected to be renewed unless there are
special circumstances, or being highly likely to be renewed or re-concluded, the Investment Corporation has difficulty inreasonably estimating until when such contracts will remain effective. It therefore has not posted asset retirement obligations
to reflect the said obligation. In addition, the Investment Corporation considers that the possibility of such contracts being
cancelled is extremely low because it is difficult to use land covered by the contracts for purposes other than renewable energy
power generation facilities.

- 27 -

[NOTES ON INVESTMENT AND RENTAL PROPERTY]CSIF has renewable energy power generation facilities, etc. The book value, change during the period and fair value at the endof the period are as shown below.
(Unit: thousand yen)
Fiscal period ended
June 30, 2022

Fiscal period ended
December 31, 2022

Book value (Note 2)
Beginning balance

73,858,451

72,411,603

Change during the period(Note 3)

(1,446,847)(1,383,803)

Ending balance

72,411,603

71,027,800

Fair value at the end of the period(Note 4)76,365,000

75,519,000(Note 1) The real estate that CSIF holds is real estate to be provided for the use of renewable energy power generation facilities, and thus with respect to thebook value and the fair value, the amount of the renewable energy power generation facilities and real estate are stated together as one.
(Note 2) The book value is the amount at acquisition cost less the accumulated depreciation.
(Note 3) The change during the period ended June 30, 2022 primarily consisted of the increase due to capital expenditure for photovoltaic power generation
facilities (32,150 thousand yen), and the decrease due to depreciation expenses (1,452,362 thousand yen). And the change during the period ended
December 31, 2022 primarily consisted of the increase due to capital expenditure for photovoltaic power generation facilities (69,349 thousandyen), and the decrease due to depreciation expenses (1,453,152 thousand yen).
(Note 4) The fair value is the total sum of the median amount that we calculated according to Article 41, paragraph 1 of the CSIF's Articles of Incorporationon the basis of the appraised value in the range stated in the valuation report with the date of the value opinion on June 30, 2022 and December 31,
2022, which was obtained from PricewaterhouseCoopers Sustainability LLC (for S-01 to S-18). And, the fair value is the total sum of the medianamount on the basis of the appraised value stated in the valuation report with the date of the value opinion on June 30, 2022 and December 31,
2022, which was obtained from Kroll International Inc (for S-19 to S-25). The fair value which is the total sum of the median amount stated in thevaluation report of Kroll International Inc is rounded down to the nearest million yen.

In addition, profits and losses from the renewable energy power generation facilities, etc. for the fiscal period ended June 30,
2022 (the 10th period) and the fiscal period ended December 31, 2022 (the 11th period) are as stated in the “Notes to statementof income” above.
[NOTES ON REVENUE RECOGNITION]
Not applicable.
[NOTES ON SEGMENT INFORMATION]
1.Segment information
Since CSIF has a single segment of the rental business of infrastructure assets, the segment information is omitted.
2.Related Information
Prior fiscal period (from January 1, 2022 to June 30, 2022)(1) Information on products and services
Information is omitted because operating revenue from a single product/service to outside customers exceeds 90%of the operating revenue on the statement of income.
(2) Information on regions① Operating revenue
Information is omitted because operating revenue from outside customers in Japan exceeds 90% of the operating
revenue on the statement of income.
② Property and equipment
Information is omitted because the amount of property and equipment located in Japan exceeds 90% of the amount ofproperty and equipment on the balance sheet.

- 28 -

(3) Information on major customers(unit: thousand yen)
Name of customer

Total net revenue

Name of related segment

Tida Power 01 G.K.

2,738,121

LOHAS ECE 2 G.K.

1,322,425

Renewable energy power generation
facilities, etc. rental business
Renewable energy power generation
facilities, etc. rental businessCurrent fiscal period (from July 1, 2022 to December 31, 2022)(1) Information on products and services
Information is omitted because operating revenue from a single product/service to outside customers exceeds 90%of the operating revenue on the statement of income.
(2) Information on regions① Operating revenue
Information is omitted because operating revenue from outside customers in Japan exceeds 90% of the operating
revenue on the statement of income.
② Property and equipment
Information is omitted because the amount of property and equipment located in Japan exceeds 90% of the amount ofproperty and equipment on the balance sheet.
(3) Information on major customers(unit: thousand yen)
Name of customer

Total net revenue

Name of related segment

Tida Power 01 G.K.

2,522,080

LOHAS ECE 2 G.K.

1,192,276

Renewable energy power generation
facilities, etc. rental business
Renewable energy power generation
facilities, etc. rental business[NOTES ON PER UNIT INFORMATION]
Current fiscal period
From July 1, 2022
December 31, 2022

Prior fiscal period
From January 1, 2022
June 30, 2022
Net assets per unit
Net income (Net loss) per unit

103,818 yen
3,902 yen

103,053 yen
3,138 yen

(Note 1) Net income (Net loss) per unit is calculated by dividing net income (net loss) by the average number of investment units during the period. In theprevious fiscal period, a loss was posted and there were no dilutive investment units, and thus diluted loss per unit is not stated. With respect todiluted profit per unit for the period under review, there are no dilutive investment units, and thus the statement is omitted.
(Note 2) The basis of calculation of net income (net loss) per unit is as follows.

Current fiscal period
From July 1, 2022
December 31, 2022

Prior fiscal period
From January 1, 2022
June 30, 2022
Net income (Net loss) (Thousand yen)Amount not attributable to common unit holders(Thousand yen)
Net income (Net loss) attributable to Common unit holders(Thousand yen)
Average number of investment units during the period(Units)[NOTES ON FACTS ARISING AFTER THE SETTLEMENT OF ACCOUNTS]
Not applicable.

- 29 -

1,509,072

1,213,400--

1,509,072

1,213,400

386,656

386,656

(9) Change in the total number of investment units issued and outstanding
Change in the total number of investment units issued and outstanding and the total amount of unitholders' capital is as shown
below since the establishment of the CSIF.

Date

Event

Total number of investment units
issued and outstanding (units)
ChangeBalance

Total amount of unitholders'
capital (Note 1) (million yen)
ChangeRemarks

Balance

May 18, 2017

Establishment upon
private placement

1,500

1,500

150

150

(Note 2)October 27, 2017

Capital increase by
public offering

177,800

179,300

16,891

17,041(Note 3)

Capital increase by
November 28, 2017
third-party
allotment

2,890

182,190274

17,315(Note 4)

Capital increase by
public offering

46,667

228,857

4,509

21,824(Note 5)-

228,857(147)

21,677(Note 6)

October 4, 2018

Capital increase by
third-party
allotment

2,333

231,190

225

21,902(Note 7)

March 14, 2019

Cash distribution inexcess of earnings(refund ofinvestment)-

231,190(420)

21,482(Note 8)Cash distribution inexcess of earnings
September 17, 2019(refund ofinvestment)-

231,190(133)

21,349(Note 9)Cash distribution inexcess of earnings(refund ofinvestment)-

231,190(309)

21,039(Note 10)

Cash distribution inexcess of earnings
September 15, 2020(refund ofinvestment)-

231,190(163)

20,876(Note 11)

March 5, 2021

Capital increase by
public offering

151,500

382,690

18,10638,982(Note 12)

March 16, 2021

Cash distribution inexcess of earnings(refund ofinvestment)-

382,690(138)

38,843(Note 13)

April 7, 2021

Capital increase by
third-party
allotment

3,966

386,656474

39,317(Note 14)

Cash distribution inexcess of earnings
September 15, 2021
(refund ofinvestment)-

386,656(357)

38,960(Note 15)

September 5, 2018

Cash distribution inexcess of earnings
September 14, 2018(refund ofinvestment)

March 17, 2020

- 30 -

Date

Event

Total number of investment units
issued and outstanding (units)
ChangeMarch 15, 2022

Cash distribution inexcess of earnings(refund ofinvestment)

Balance-

386,656

Total amount of unitholders'
capital (Note 1) (million yen)
Change(327)

Remarks

Balance

38,632(Note 16)

(Note 1) The amount of deduction of total amount of unitholders’ capital is deducted.
(Note 2) In the establishment of the CSIF, the investment units were issued at an issue price of ¥100,000 per unit. The party who applied for subscriptionof investment units upon the establishment is Canadian Solar Projects K.K.
(Note 3) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of¥100,000 (issue value of ¥95,000) per unit.
(Note 4) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue value of ¥95,000 per unit for the purpose of
appropriation to a part of the funds for acquisition of specified assets or part of repayment of borrowings.
(Note 5) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of¥102,180 (issue value of ¥96,625) per unit.
(Note 6) CSIF decided, at a meeting of its Board of Directors held on August 14, 2018, to pay a cash distribution in excess of earnings (refund of investment)in an amount of ¥808 per unit for the second fiscal period (ended June 30, 2018), and began to pay it from September 14, 2018.
(Note 7) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue price of ¥96,625 per unit for the purpose of
appropriation to a part of the funds for acquisition of specified assets or a part of the funds for repayment of borrowings.
(Note 8) CSIF decided, at a meeting of its Board of Directors held on February 15, 2019, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥1,817 per unit for the third fiscal period (ended December 31, 2018), and began to pay it from March 14, 2019.
(Note 9) CSIF decided, at a meeting of its Board of Directors held on August 13, 2019, to pay a cash distribution in excess of earnings (refund of investment)in an amount of ¥577 per unit for the fourth fiscal period (ended June 30, 2019), and began to pay it from September 17, 2019.
(Note 10) CSIF decided, at a meeting of its Board of Directors held on February 13, 2020, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥1,340 per unit for the fifth fiscal period (ended December 31, 2019), and began to pay it from March 17, 2020.
(Note 11) CSIF decided, at a meeting of its Board of Directors held on August 14, 2020, to pay a cash distribution in excess of earnings (refund of investment)in an amount of ¥708 per unit for the sixth fiscal period (ended June 30, 2020), and began to pay it from September 15, 2020.
(Note 12) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of¥125,115 (issue value of ¥119,517) per unit.
(Note 13) CSIF decided, at a meeting of its Board of Directors held on February 17, 2021, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥601 per unit for the seventh fiscal period (ended December 31, 2020), and began to pay it from March 16, 2021.
(Note 14) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue price of ¥119,517 per unit for the purposeof appropriation to a part of the funds for acquisition of specified assets or a part of the funds for repayment of borrowings.
(Note 15) CSIF decided, at a meeting of its Board of Directors held on August 13, 2021, to pay a cash distribution in excess of earnings (refund of investment)in an amount of ¥924 per unit for the eighth fiscal period (ended June 30, 2021), and began to pay it from September 15, 2021.
(Note 16) CSIF decided, at a meeting of its Board of Directors held on February 14, 2022, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥848 per unit for the ninth fiscal period (ended December 31, 2021), and began to pay it from March 15, 2022.

- 31 -

3. Reference(1) Conditions of Investment(as of December 31, 2022)

Type of asset

Total Asset-UnderManagement (AUM)(‘000yen)

Region (Note 1)

Hokkaido/Tohoku

Solar energy facility

893,206

1.1

Kanto

2,075,481

2.7

Tokai

5,081,615

6.5

Chugoku/Shikoku

8,895,539

11.4

Kyushu18,671,713

23.9

35,617,556

45.7

Hokkaido/Tohoku

48,9700.1

Kanto

648,591

0.8

Tokai

63,3090.1

Chugoku/Shikoku

560,1960.7

3,184,875

4.1

4,505,944

5.8

Hokkaido/Tohoku

69,4170.1

Kanto

59,1970.1

Tokai332,421

0.4

3,415

0.0

692,4710.9

1,156,923

1.5

Hokkaido/Tohoku

3,326,739

4.3

Kyushu21,650,730

27.8

24,977,470

32.0

116,7480.1

4,653,157

6.0

4,769,905

6.1

Hokkaido/Tohoku

4,455,082

5.7

Kanto

2,783,271

3.6

Tokai

5,477,346

7.0

Chugoku/Shikoku

9,459,151

12.1

Kyushu48,852,948

62.6

71,027,800

91.1

71,027,800

91.1

Subtotal

Land

KyushuSubtotal

Land lease% of total AUM(Note 3)

Chugoku/Shikoku
KyushuSubtotal
Solar energy facility in trust
Subtotal
Hokkaido/Tohoku
Land in trust
KyushuSubtotal

Solar energy facility etc.

Subtotal
Solar energy facility etc. total- 32 -

Type of asset

Total Asset-UnderManagement (AUM)(‘000yen)

Region (Note 1)% of total AUM(Note 3)

Saving/other assets

6,958,203

8.9

Asset total (Note 2)

77,986,003

100.0

Total liabilities

38,139,687

48.9

Total net assets

39,846,315

51.1(Note 1) “Hokkaido and Tohoku” denote Hokkaido, Aomori-ken, Iwate-ken, Akita-ken, Miyagi-ken, Fukushima-ken and Yamagata-ken. “Kanto”
denotes Ibaraki-ken, Tochigi-ken, Gunma-ken, Tokyo-to, Kanagawa-ken, Saitama-ken, Chiba-ken Yamanashi-ken, Nagano-ken and Niigataken. “Tokai” denotes Shizuoka-ken, Aichi-ken, Gifu-ken, Mie-ken, Toyama-ken, Ishikawa-ken and Fukui-ken. “Chugoku and Shikoku”
denote Okayama-ken, Hiroshima-ken, Yamaguchi-ken, Tottori-ken, Shimane-ken, Kagawa-ken, Kochi-ken, Tokushima-ken and Ehime-ken.
“Kyushu” denotes Fukuoka-ken, Oita-ken, Miyazaki-ken, Kagoshima-ken, Kumamoto-ken, Nagasaki-ken, Saga-ken and Okinawa-ken.
(Note 2) The amount posted on the balance sheet as of December 31, 2022.
(Note 3) The figures have been rounded to the first decimal place.

(2) Investment Assets①Investment Securities
Not Applicable②Investment Properties
Not Applicable- 33 -

③Major Investment Assets
a. summary information for the CSIF
The following table provides summary information for the CSIF current 25 solar energy projects as of June 30, 2022.
PPA purchaseprice(yen/kwh)

Certification
Date

FIT term end

19,86140

February 26,
2013

September 16,
2034

Isa-shi, Kagoshima

22,22340

February 26,
2013

June 8, 2035

CS Kasama-shi
Power Plant

Kasama-shi,
Ibaraki

42,666(Note 1)40

January 25,
2013

June 25, 2035

Solar Plant
etc.

CS Isa-shi Daini Power Plant

Isa-shi, Kagoshima

31,81836

October 2,
2013

June 28, 2035

S-05

Solar Plant
etc.

CS Yusui-cho
Power Plant

Aira-gun,Kagoshima

25,27436

March 14,2014

August 20,
2035

S-06

Solar Plant
etc.

CS Isa-shi Daisan Power Plant

Isa-shi, Kagoshima

40,73640

February 26,
2013

September 15,
2035

S-07

Solar Plant
etc.

CS Kasama-shi
Dai-ni Power
Plant

Kasama-shi,
Ibaraki

53,27540

January 25,
2013

September 23,
2035

S-08

Solar Plant
etc.

CS Hiji-machi
Power Plant

Hayami-gun, Oita

30,24636

July 16, 2013

October 12,
2035

S-09

Solar Plant
etc.

CS Ashikitamachi Power
Plant

Ashikita-gun,
Kumamoto

45,74040

February 26,
2013

December 10,
2035

S-10

Solar Plant
etc.

CS
Minamishimabar
a-shi Power
Plant (East) / CS
Minamishimabar
a-shi Power
Plant (West)

Minamishimabarashi, Nagasaki

56,06640

February 26,
2013 (East)
February 26,
2013 (West)

December 24,
2035 (East)
January 28,2036 (West)

S-11

Solar Plant
etc.

CS Minanomachi Power
Plant

Chichibu-gun,
Saitama

44,90432

December 11,
2014

December 6,
2036

S-12

Solar Plant
etc.

CS Kannami-cho
Power Plant

Tagata-gun,Shizuoka

41,33936

March 31,2014

March 2, 2037

S-13

Solar Plant
etc.

CS Mashikimachi Power
Plant

Kamimashiki-gun,
Kumamoto

638,552(Note2)36

October 24,
2013

June 1, 2037

S-14

Solar Plant
etc.

CS Koriyamashi Power Plant

Koriyama-shi,
Fukushima

30,376(Note1)32

February 27,
2015

September 15,
2036

S-15

Solar Plant
etc.

CS Tsuyama-shi
Power Plant

Tsuyama-shi,
Okayama

31,05932

September
26, 2014

June 29, 2037

S-16

Solar Plant
etc.

CS Ena-shi
Power Plant

Aza Ochise,
Kusumi,
Osashima-cho,
Ena-shi, Gifu

37,37332

February 24,
2015

September 12,
2037

Asset #

Category

Project nameLocation

Site Area
(m2)

S-01

Solar Plant
etc.

CS Shibushi-shi
Power Plant

Shibushi-shi,
Kagoshima

S-02

Solar Plant
etc.

CS Isa-shi
Power Plant

S-03

Solar Plant
etc.

S-04

- 34 -

Asset #Category

Project name

PPA purchaseprice(yen/kwh)

Certification
Date

FIT term end

452,760(Note 3)40

February 22,2013 (A)February 28,
2013 (B)

August 9,2037

Site Area(m2)

Location
Aza Magoese,
Toyofusa, Daisencho, Saihaku-gun,Tottori (A)Aza Kamikawara,
Toyofusa, Daisencho, Saihaku-gun,Tottori (B)

S-17

Solar Plant
etc.

CS Daisen-choPower Plant (A)and (B)

S-18

Solar Plant
etc.

CS Takayamashi Power Plant

Shingumachi,
Takayama-shi,
Gifu

16,278(Note 1)32

January 30,
2015

October 9,
2037

S-19

Solar Plant
etc.

CS Misatomachi Power
Plant

Misato-machi,
Kodama-gun,
Saitama

25,31532

January 6,
2015

March 26,
2037

S-20

Solar Plant
etc.

CS Marumorimachi Power
Plant

Marumori-machi,
Igu-gun, Miyagi

65,306(Note 4)36

February 28,
2014

July 12, 2038

S-21

Solar Plant
etc.

CS Izu-shi
Power Plant

Ono Aza Okubo,
Izu-shi, Shizuoka

337,160

36

March 31,2014

November 29,
2038

S-22

Solar Plant
etc.

CS Ishikari
Shinshinotsumura Power
Plant

Ishikari-gun,
Hokkaido

42,977

24

November 18,
2016

July 15,
2039

S-23

Solar Plant
etc.

CS Osaki-shi
Kejonuma
Power Plant

Osaki-shi, Miyagi

26,051

21

March 27,
2018

July 21,
2039

S-24

Solar Plant
etc.

CS Hiji-machi
Dai-ni Power
Plant

Hayami-gun, Oita

1,551,086(Note 5)40

March 15,2013

October 30,
2039

S-25

Solar Plant
etc.

CS Ogawaramachi Power
Plant

Shibata-gun,
Miyagi

123,624(Note 6)32

February 9,
2015

March 19,2040

(Note 1) Site area for the portion of the solar energy plants land under ownership is shown and excludes the portion of the land where we hold an easement.
(Note 2) Site area for the portion of the solar energy plants and high-voltage land under ownership is shown and excludes the portion of the land where we holdan easement.
(Note 3) Site area for the portion of the solar energy plants and high-voltage land under superficies is shown and excludes the portion of the right to lease land
and the land where we hold an easement.
(Note 4) Site area for the portion of the solar energy plants and high-voltage land and access roads under superficies is shown and excludes the portion of the land
where we hold an easement.
(Note 5) Site area for the portion of the solar energy plants and high-voltage land and access roads under ownership and right to lease land is shown and excludes
the portion of the land where we hold an easement.
(Note 6) Site area for the portion of the solar energy plants and high-voltage land and access roads under superficies and right to lease land is shown and excludes
the portion of the land where we hold an easement.

- 35 -

Certified
Operator

AcquisitionPrice
PPA company (million yen)
(Note 1)
(Note 5)

Asset #

Project name

S-01

CS Shibushi-shi
Power Plant

Tida Power 01 Kyushu Electric
G.K
Power Co., Inc

540

CS Isa-shi Power
Plant

Tida Power01
G.K.

Kyushu ElectricPower Co., Inc

372

CS Kasama-shi
Power Plant

Tida Power01
G.K.

TEPCO Energy
Partner,
Incorporated

907

CS Isa-shi Dai-niPower Plant

Tida Power01
G.K.

Kyushu ElectricPower Co., Inc778

CS Yusui-cho
Power Plant

Tida Power01
G.K.

Kyushu ElectricPower Co., Inc

670

CS Isa-shi Daisan Power Plant

Tida Power01
G.K..

Kyushu ElectricPower Co., Inc

949

CS Kasama-shi
Dai-ni Power
Plant

Tida Power01
G.K..

TEPCO Energy
Partner,
Incorporated

850

CS Hiji-machi
Power Plant

Tida Power01
G.K.

Kyushu ElectricPower Co., Inc

1,029

CS Ashikitamachi Power
Plant

Tida Power01
G.K..

Kyushu ElectricPower Co., Inc

989

S-02

S-03

S-04

S-05

S-06

S-07

S-08

S-09

S-10

S-11

S-12

S-13

S-14

Fiscal period
end valuation(million yen)
(Note 2)

Appraisal value ofsolar plants(million yen)(Note 3)(upper : solar energy
facility)(lower : land)

Fiscal period end
book value(million yen)
(Note 4)

337
468

456
131
292

311

304
19
648

870

774
222
611

645

625
33
532

557

540
25
754

802

768
47
703

744

677
40
833

865

823
32
813

844

799
30

CS
Minamishimabar
a-shi Power Plant
Tida Power 01 Kyushu Electric(East) / CS
G.K.
Power Co., Inc
Minamishimabar
a-shi Power Plant(West)

1,733

CS Minanomachi Power
Plant

Tida Power01
G.K.

TEPCO Energy
Partner,
Incorporated

1,018

CS Kannami-cho
Power Plant

Tida Power01
G.K..

TEPCO Energy
Partner,
Incorporated

514

CS Mashikimachi Power
Plant

Tida Power01
G.K.

Kyushu Electric
PowerTransmission
and Distribution
Co., Inc.

19,751

CS Koriyama-shi
Power Plant

Tida Power01
G.K..

Tohoku ElectricPower Co., Inc.

246

1,459
1,525

1,405
65

743
982

898
239
445

482

473
36
15,79819,318

16,522
3,520

168
218

217
49

- 36 -

AcquisitionPrice
PPA company (million yen)
(Note 1)
(Note 5)

Asset #

Project name

Certified
Operator

S-15

CS Tsuyama-shi
Power Plant

Tida Power01
G.K..

The Chugoku
Electric Power
Co., Inc.

746

CS Ena-shi
Power Plant

Tida Power01
G.K..

The Chubu
Electric Power
Miraiz Co., Inc.

757

CS Daisen-choPower Plant (A)and (B)

Tida Power01
G.K..

ChugokuElectric Power
Transmission &Distribution
Company,
Incorporated

10,447

CS Takayamashi Power Plant

Tida Power01
G.K.

The Chubu
Electric Power
Miraiz Co., Inc.

326

CS Misato-machi Tida Power01
Power Plant
G.K.

TEPCO Energy
Partner,
Incorporated

470

CS Marumorimachi Power
Plant

Tida Power01
G.K.

TohokuElectric
Power Network
Co.,
Inc.

850

CS Izu-shi Power Tida Power01
Plant
G.K..

TEPCO Power
Grid,
Incorporated

4,569

S-16

S-17

S-18

S-19

S-20

S-21

S-22

S-23

S-24

S-25

CS Ishikari
Shinshinotsumura Power
Plant

Fiscal period
end valuation(million yen)
(Note 2)

Fiscal period end
book value(million yen)
(Note 4)

530
666

722
136
686

720

602
33
8,932

9,227

8,736
295

234
291

311
57
302

417

432
115
722

737

742
14
3,871

4,073

4,090
202

Hokkaido
Tida Power01
G.K.

Appraisal value ofsolar plants(million yen)(Note 3)(upper : solar energy
facility)(lower : land)

535Electric Power
Network,
Incorporated

680

594

667
59

CS Osaki-shi
Tida Power01
Kejonuma Power
G.K.
Plant

TohokuElectric Power
Network
Incorporated
Company

CS Hij-machi
Dai-ni Power
Plant

LOHAS ECE2
G.K.

KyushuElectric Power
Transmission
andDistribution
Co., Inc.

27,851CS Ogawaramachi Power
Plant

Tida Power 01
G.K.

TohokuElectric Power
NetworkCo.,Inc.

2,745

154
208

193

207
38
22,54327,253

26,605
4,710

2,670
2,712

2,620
41
65,323

Total

80,00175,51971,027
10,196- 37 -

(Note 1) Acquisition price is based on acquisition price as described in the purchase agreements (excluding acquisition expenses related to the payment ofoutsourcing service fees, property-related taxes, taxes on depreciable assets, urban planning taxes, consumption taxes and other fees).
(Note 2) For S-01 to S-18, the fiscal period end valuation is the median amount that the Investment Corporation calculated in accordance with Article 41,
paragraph 1 of the CSIF's Articles of Incorporation based on the range of valuation provided to us by PricewaterhouseCoopers Sustainability LLC
and, for S-19 to S-25, the fiscal period end valuation is based on the median amount, which is rounded down to the nearest million yen, provided to
us by Kroll International Inc. in its project valuation report.
(Note 3) On the upper row of the appraisal value of solar plants, an assumed appraisal value of solar energy projects that is obtained by deducting the realestate appraisal value calculated by Daiwa Real Estate Appraisal Co., Ltd. from the appraised value at the end of the period in (Note 2) above isstated, and on the lower row, an amount stated in the real estate appraisal report prepared by Daiwa Real Estate Appraisal Co., Ltd. is stated. Realestate includes its superficies right.
(Note 4) Fiscal period end book value is the book value of solar energy.
(Note 5) The acquisition price of CS Mashiki-machi Power Plant had reduced in the amount of 332 million yen on December 16, 2020, back from thesigning date of the Property Purchase Agreement.

- 38 -

b. Revenue and expenses of individual renewable energy power generation facilities
Eleventh fiscal period (from July 1, 2022 to December 31, 2022)(Unit: thousand yen)
Asset number

S-01

S-02

S-03

S-04

S-05

Total portfolio

CS Shibushishi PowerPlant

2,603,324

18,843

13,95428,94928,815

23,117

1,111,032

7,052

6,359

12,248

11,483

9,785

794

-

-

-

-

-

3,715,150

25,896

20,314

41,19840,29832,903

243,242

1,400

1,090

2,481

2,395

2,076

243,242

1,400

1,090

2,481

2,395

2,076

-

-

-

-

-

-

418,253

2,613

2,761

4,386

5,101

5,109

254,787

2,155

1,610

2,914

2,893

2,966

(Repair and maintenance costs)

50,561

199

149

1,034

207

500

(Utilities expenses)

6,915

-

-

-

-

-

(Insurance expenses)

37,243

258

203

438

408

378

(Land rent )62,096

-

797

-

1,590

1,263

(Trust fees)

6,600

-

-

-

-

-

49

-

-

-

-

-

Depreciation cost

1,453,152

9,539

7,925

14,483

16,534

14,360(Structures)

21,800

468

256

345

306

605

(Machinery and equipment)

872,815

9,029

7,651

14,104

16,186

13,519(Tools, furniture and fixtures)

11,938

41

17

33

41

235

(Structures in trust)

121,687

-

-

-

-

-

(Machinery and equipment intrust)

422,988

-

-

-

-

-

1,921

-

-

-

-

-

2,114,647

13,554

11,776

21,351

24,031

21,5461,600,502

12,341

8,537

19,846

16,267

11,356

Project name

CS Isa-shi CS Kasama-shi CS Isa-shi Dai- CS Yusui-cho
Power Plant Power Plant ni Power Plant Power Plant

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Other rental cost)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 39 -

(Unit: thousand yen)
Asset number

S-06

S-07

S-08

S-09

S-10

CS Isa-shi Daisan Power Plant

CS Kasama-shi
Dai-ni Power
Plant

CS Hiji-machi
Power Plant

CS Ashikitamachi Power
Plant

CS
Minamishimabara-shi Power Plant(East) / CS
Minamishimabara-shi Power Plant(West)

34,31828,57036,91036,54764,523

14,687

12,345

18,138

13,95627,753

-

-

-

-

-

49,00640,91655,04850,504

92,276

Taxes and duties

2,882

2,710

3,299

3,071

5,400

(Property-related taxes, etc.)

2,882

2,710

3,299

3,071

5,400

-

-

-

-

-

6,454

5,778

6,629

6,332

15,147

3,719

2,878

4,248

3,900

8,275

242

93

275

242

1,853

(Utilities expenses)

-

-

-

-

-

(Insurance expenses)

456

410

548

508

757

(Land rent )

2,036

2,396

1,557

1,681

4,260

(Trust fees)

-

-

-

-

-

(Other rental cost)

-

-

-

-

-

Depreciation cost

19,971

17,604

22,166

20,30635,404(Structures)

290

247

835

1,441

755

19,62917,314

21,252

18,612

34,399(Tools, furniture and fixtures)

51

42

78

252

248

(Structures in trust)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

29,30826,09432,09429,71055,952

19,697

14,821

22,954

20,79436,324

Project nameRental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.

(Other taxes)
Expenses(Management entrustment
expenses)(Repair and maintenance costs)(Machinery and equipment)(Machinery and equipment intrust)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 40 -

(Unit: thousand yen)
Asset number
Project name

S-11

S-12

S-13

S-14

S-15

CS Minano-machi CS Kannami-cho CS Mashiki-machi CS Koriyama-shi CS Tsuyama-shi
Power Plant
Power Plant
Power Plan
Power Plan
Power Plan

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent

30,223

18,177

677,855

7,465

21,575

6,551

6,661

294,168

3,277

12,106

-

-

-

2

-

36,774

24,839972,023

10,746

33,681

2,886

1,541

61,549

869

2,624

2,886

1,541

61,549

869

2,624

-

-

-

-

-

4,431

4,932

83,400

940

3,587

3,814

1,809

70,219

829

2,764

104

1,210

3,630

-

532

(Utilities expenses)

-

-

-

-

-

(Insurance expenses)

512

233

9,493

110

288

(Land rent )

-

1,678

55

-

1

(Trust fees)

-

-

-

-

-

(Other rental cost)

-

-

-

-

-

Depreciation cost

16,211

9,671

338,389

4,191

13,160(Structures)

766

389

3,706

327

393

15,4459,226

326,780

3,864

12,462(Tools, furniture and fixtures)

-

55

7,902

-

304

(Structures in trust)

-

-

-

-

-

(Machinery and equipment intrust)

-

-

-

-

-

-

-

-

-

-

23,52916,146483,338

6,001

19,372

13,245

8,692

488,684

4,744

14,309Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Repair and maintenance costs)(Machinery and equipment)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 41 -

(Unit: thousand yen)
Asset number
Project name

S-16

S-17

S-18

S-19

S-20

CS Daisen-cho
CS Takayama-shi CS Misato-machi
CS Ena-shi PowerPower Plant (A)Power Plant
Power Plant
Plant
and (B)CS Marumorimachi Power
Plant

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent

25,225

379,639

9,573

12,80827,903

17,874

131,563

730

5,228

11,450

-

-

782

-

-

43,099511,203

11,08618,03739,353

2,776

38,623

1,362

2,032

4,056

2,776

38,623

1,362

2,032

4,056

-

-

-

-

-

7,649

72,124

3,484

2,191

8,831

(Management entrustment
expenses)

2,772

40,508

1,256

1,425

2,672

(Repair and maintenance costs)

3,364

13,166

2,079

574

1,045

(Utilities expenses)

-

-

-

-

-

(Insurance expenses)

325

5,844

148

191

366

(Land rent )1,187

12,604

-

-

4,748

(Trust fees)

-

-

-

-

-

(Other rental cost)

-

-

-

-

-

Depreciation cost

14,526

214,573

5,034

7,603

17,059(Structures)

589

4,909

344

176

503

13,840208,881

4,675

7,345

16,320(Tools, furniture and fixtures)

97

782

14

80

234

(Structures in trust)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

24,952

325,3219,880

11,82629,947

18,147

185,882

1,205

6,210

9,406

Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Machinery and equipment)(Machinery and equipment intrust)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 42 -

(Unit: thousand yen)
Asset number

S-21

S-22

S-23

S-24

S-25

Project nameCS Izu-shi
Power Plant

CS Ishikari
Shinshinotsumura Power
Plant

CS Osaki-shi
Kejonuma
Power Plant

CS Hiji-machi
Dai-niPower Plant

CS Ogawaramachi
Power Plant

140,541

20,552

6,254

824,936

86,03973,271

12,924

2,878

367,340

31,191

-

-

9

-

-

213,81333,476

9,142

1,192,276

117,231

20,9672,311

654

66,926

7,251

20,9672,311

654

66,926

7,251

-

-

-

-

-

27,046

8,603

1,676

108,186

20,84913,018

3,111

1,240

62,96010,819

1,230

4,495

-

13,837491(Utilities expenses)

-

-

-

6,915

-

(Insurance expenses)

1,625

395

136

12,072

1,129(Land rent )11,173

-

-

8,750

6,310

(Trust fees)

-

600

300

3,600

2,100

(Other rental cost)

-

-

-

49

-

Depreciation cost

87,83513,0153,600

475,568

54,412(Structures)

4,142

-

-

-

-

(Machinery and equipment)

82,271----(Tools, furniture and fixtures)

1,421

-

-

-

-

-

547

300

114,109

6,729-

12,427

3,276

360,434

46,850

-

40

23

1,024

833

135,850

23,9305,932

650,681

82,514

77,963

9,546

3,209

541,594

34,717

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Repair and maintenance costs)(Structures in trust)(Machinery and equipment intrust)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 43 -

(3) Plan for capital expenditure
Not applicable.
(4) Capital expenditure during the fiscal period
The following table shows capital expenditures for renewable energy power generation facilities, etc. owned by CSIF during the
fiscal period under review.
Name of infrastructure assets, etc.
(Location)

Amount paid
(thousand yen)

Purpose

Implementation period

CS Takayama-shi Power Plant(Takayama-shi, Gifu)

Snow damage recovery work forstand and panel

From June 13, 2022
To December 2, 2022

45,253

CS Hiji-machi Dai-ni Power Plant(Hayami-gun, Oita)

Retention basin improvement
work

From July 1, 2022
To July 7, 2022

7,117

CS Ogawara-machi Power Plant(Shibata-gun, Miyagi)

Logging work around the panel

From August 1, 2021
To September 28, 2022

13,300

Other Power Plants

3,678
Total

69,349- 44 -